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You have taken out a 60-month, $24,000 car loan with an APR of 6%, compounded monthly. The monthly payment on the loan is $463.99. Assume
You have taken out a 60-month, $24,000 car loan with an APR of 6%, compounded monthly. The monthly payment on the loan is $463.99. Assume that right after you make your 50th payment, the balance of the loan is $4,514.81.How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment.
The amount that goes towards interest is$___
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