You have just purchased your Audi and taken out a

$37,000

loan. The loan has a five-year term with monthly payments and an APR of

6.1%

(with monthly compounding).

a. How much will you pay in interest, and how much will you pay in principal, during the first month, second month, and first year? (Hint: Compute the loan balance after one month, two months, and one year.)

b. How much will you pay in interest, and how much will you pay in principal, during the fourth year (i.e., between three and four years from now)?

(Note: Be careful not to round any intermediate steps less than six decimal places.)

You have just purchosed your Audi and taken out a $37,000 loan. The loan has a five-year torm with monthy payments and an APR of 6.1% (with mont ly compound ing). a. How much will you pay in intesest and how much will you pay it principal, during the first month, second month, and frat year? (Hint Compute the loan balance ater one month, two months, and cht yoar) b. How much will you pay in interest, and how much will you pay in principal, during the fourth year (le. between tree and fout years from now)? (Note: Be corefd not to round any indermedate ateps less than sir decimat places)