You have just purchased a car and taken out a $40,000 loan. The loan has a? five-year term with monthly payments and an APR of 6.3 %
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 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? (i.e., between three and four years from? now)?
?(Note: Be careful not to round any intermediate steps less than six decimal? places.)