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You have taken out a 6 0 - month, $ 2 8 , 0 0 0 car loan with an APR of 7 % ,
You have taken out a month, $ car loan with an APR of compounded monthly. The monthly payment on the loan is $ Assume that right after you make your th payment the balance of the loan is $ How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment.Note: Be careful not to round any intermediate steps less than six decimal
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