You make monthly payments on your car loan. It has a quoted APR of 7.7 %(monthly...
You make monthly payments on your car loan. It has a quoted APR of 7.7 %(monthly compounding). What percentage of the outstanding principal do you pay in interest each month? (Note: Be careful not to round any intermediate steps less than six decimal places.)
Homework Answers
The percentage of the outstanding principle you pay in interest each month is equal to APR divided by 12,
=7.7%/12
=0.641667%
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