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Business, 12.03.2020 16:55 Maddy7806

You have taken out a 60-month, $19000 car loan with an APR of 7%, compounded monthly. The monthly payment on the loan is $376.22. Assume that right after you make your 50th payment, the balance of the loan is $3 comma 644.26. How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment.

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You have taken out a 60-month, $19000 car loan with an APR of 7%, compounded monthly. The monthly pa...
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