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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Investment Analysis And Portfolio Management
Authors: Frank K. Reilly, Peggy L. Hedges, Philip Chang, Keith C. Brown, Hedges Reilly Brown
1st Canadian Edition
0176500693, 978-0176500696
