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You have taken out a 60 -month, $27,000 car loan with an APR of 4%, compounded monthly. The monthly payment on the loan is $497.25.

image text in transcribed You have taken out a 60 -month, $27,000 car loan with an APR of 4%, compounded monthly. The monthly payment on the loan is $497.25. Assume that right after you make your 50 th payment, the balance of the loan is $4,882.54. 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 places.) The amount that goes towards interest is $ (Round to the nearest cent.)

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