You have just taken out a 16000 car loan with a 8 apr, Financial Management

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You have just taken out a 16000 car loan with a 8 apr

You have just taken out a $16,000 car loan with a 8% APR, compounded monthly. The loan is for 5 years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go towards interest?

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Financial Management: You have just taken out a 16000 car loan with a 8 apr

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Financial Management: You have just taken out a 16000 car loan with a 8 apr

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