Question

K P 5-17 (similar to) E Question Help You have list taken out a 10.000 car ban with a 6. APR compounded monthly The loan is for the years. When you make your first payment in one month how much of the payment will go toward the principal of the man and how much w intermediate steps less than six decimal places) w w interest in the c o rrundt When you make your first payment will go toward the p ipal of the loan and will go toward the interest Round to the newest cent) Enter your answer in the entields and then click Check Answer All parts showing FD DOLL Sharap2@wciedy

pls help.

Answer 1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

в $20,000.00 Car Loan amount Term in years APR Monthly interest rate No. of monthly payment 6% 0.50% 60 Principal paid in first payment Interest paid in first payment $286.66 $100.00 12

Cell reference -

B 20000 Car Loan amount Term in years APR Monthly interest rate No. of monthly payment 0.06 =C5/12 =12*C4 Principal paid in first payment Interest paid in first payment =PPMT(C6,1,C7,-C3,0) S=IPMT(C6,1,C7,-C3,0) 12

Hope this will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.