Question
You have taken a 5 year car loan of $30,000 at 3% APR with monthly compounding. What is the amount of principal & interest payment
You have taken a 5 year car loan of $30,000 at 3% APR with monthly compounding. What is the amount of principal & interest payment in your first month payment?
A. Principal: $464.06; Interest: $75
B. Principal: $539.06; Interest $1.35
C. Principal: $539.60; Interest: $0
D. Principal: $500.00; Interest: $39.06
E. Principal: $470.89; Interest: $75
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International Finance Theory and Policy
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
10th edition
978-0133425895, 133425894, 978-0133423631, 133423638, 978-0133423648
