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listed answer is incorrect You have just taken out a $18,000 car loan with a 6% APR, compounded monthly. The loan is for 5 years.
listed answer is incorrect
You have just taken out a $18,000 car loan with a 6% APR, compounded monthly. The loan is for 5 years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount of your first payment that will go toward the interest of the loan is $ (Round to the nearest cent.) Step by Step Solution
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