Zelin shao 9/27/17 6:14 P Essentials of Finance () Homework: Chapter 5 Homework Score: 0 of 5 pts 3 of 6 (6 complete) Hw Score: 65.63%, 10.5 of 1 Question Help P 5-22 (similar to) You have just purchased a car and taken out a $36,000 loan. The loan has a Sve-year tem with monthly payments and an APR of 6.4% a. How much will you pay in interest, and how much will you pay in principal, during the fest month, second month, and first year? (Hint Compute the loan balance after one month, two months, and one year) b. How much will you pay in interest, and how much will you pay in principal, during the fourth year(ie, between three and four years from now)? Note: Be careful not to round any intermediate steps less than six decimal places,) two months, and one year.) a. How much will you pay in interest, and how much will you pay in principal, during the first month, second month, and first year? (Hint Compute the loan balance afher one month During the first month, you will pay $ 510.51 in principal (Round to the nearest cent ) During the first month, you will pay $ 192.19 in imerest. (Round to the nearest cent) During the second month, you will pay $ 513,42 in principal. (Round to the nearest During the second month, you willpay $ 189.28 in interest. (Round to the nearest cent) During the first year, you will pay $ 6,311.20 in principal Round to the nearest During the frst year, you will pay $2,121.20 in interest (Round to the nearest cent.) b. How much will you pay During the fourth year you will pay $7,643.42 in principal. (Round to the During the fourth year, you wa pay S 788i, iterest. (Round to the nearest cent) cent) in interest, and how much will you pay in principal, during the fourth year (ie, between three and four years from now)? nearest cent) Question is complete. Tap on the red indicators to see incorect answers Similar