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You have just purchased a car and taken out a $50,000 loan. The loan has a?...

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Finance

You have just purchased a car and taken out a $50,000 loan. Theloan has a? five-year term with monthly payments and an APR of6.0%.

How much will you pay in? interest, and how much will you payin? principal, during the 1st, 2nd, and 12th month?

How much will you pay in? interest, and how much will you payin? principal, at the end of the 4th year??

How much will you pay in? interest, and how much will you payin? principal, for the 1st year?

Solve using a BA II, record all key strokes you used.

Answer & Explanation Solved by verified expert
4.2 Ratings (641 Votes)
Tenure12560 month monthly interest rate61205Your Monthly payment would be 96664 Calculation givenbelowBelow is the amortization scheduleMonthPrincipalInterestPrincipalTotalMonthly PaymentOutstanding PrincipalPrincipal PaidInterest    See Answer
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Transcribed Image Text

You have just purchased a car and taken out a $50,000 loan. Theloan has a? five-year term with monthly payments and an APR of6.0%.How much will you pay in? interest, and how much will you payin? principal, during the 1st, 2nd, and 12th month?How much will you pay in? interest, and how much will you payin? principal, at the end of the 4th year??How much will you pay in? interest, and how much will you payin? principal, for the 1st year?Solve using a BA II, record all key strokes you used.

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