Consider the loan from the previous question: a 60-month, $50,000 car loan with a 6% APR, compounded
Question:
Consider the loan from the previous question: a 60-month, $50,000 car loan with a 6% APR, compounded monthly. Assume that right after you make your 50th payment, the balance on the loan is $9405.81. How much of your next payment goes toward principal and how much goes toward interest? Compare this with your answers in the last question—what is happening?
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If the balance after the 50th payment is 940581 then w...View the full answer
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Related Book For 
Fundamentals Of Corporate Finance
ISBN: 9780137309948
4th Canadian Edition
Authors: Jonathan Berk, Peter DeMarzo, David A. Stangeland, Andras Marosi, Jarrod Harford
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