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You have taken out a 60-month, $24,000 car loan with an APR of 8%, compounded monthly. The monthly payment on the loan is $486.63. Assume
You have taken out a 60-month, $24,000 car loan with an APR of 8%, compounded monthly. The monthly payment on the loan is $486.63. Assume that right after you make your 50th payment, the balance of the loan is $4692.53. How much of your next payment goes toward principal and how much goes toward interest? Compare this with the principal and interest paid in the first month's payment. (Note: Be careful not to round any intermediate steps less than six decimal places.)
The amont that goes toward interest is $? (round to nearest cent)
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