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You have just taken out a $16,000 car loan with a 5% APR, compoanded monthiy The loan is for five years When you make your

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You have just taken out a $16,000 car loan with a 5% APR, compoanded monthiy The loan is for five years When you make your first payment in one month, how much of the payment will go lowied the proncpal of the bars and how miach Will go toward nterest? (Noke: Ba catefur nof to townd any mfermediate sleps loss than six docimat places ) When you make your first payrment. S will go toward the prncipal of the hoan ands Wit go fownd the intrest (Round to the nearost cont)

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