Question: Can I please get the answer using the excel formulas used for the calculations? I can do it by hand I just don't know how
Can I please get the answer using the excel formulas used for the calculations? I can do it by hand I just don't know how to do the excel formulas for the problem.
Problem 5-17 You have just taken out a $20,000 car loan with a 6% APR, compounded monthly. The loan is for five 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 toward interest? Loan APR Number of years Periods per year 20,000 6% 12 Monthly interest rate Monthly payment Interest paid Principal paid
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