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You take out a 7 -year loan of L to buy a new car. You pay off the loan with monthly payments of Q at
You take out a 7 -year loan of L to buy a new car. You pay off the loan with monthly payments of Q at a yearly effective interest rate of i. The amount of interest paid off in the first payment is $180.10 and the amount of principle paid off in the 43rd payment is $438.50. Calculate the loan amount L. (Note: Using the prospective formula when all the payments are equal, the amount of principle paid off in the kth payment is Pk=Qvnk+1)[$36999.89]
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