Section 11: Problem 11

You will need to download the Excel Amortization Spreadsheet from your Ivy Learn course to complete this question. Ashley will borrow $16000 to buy a car using a 6.85% APR loan compounded monthly for 7 years. Express your answers rounded to the nearest cent! How much of their first payment goes towards interest? How much of their first payment goes towards principal? s How much of their last payment goes towards interest? S How much of their last payment goes towards principal? How much is paid in interest total over the 7 years? When will approximately half of the original value be paid off? O A. 3.5 years O B. It takes less than 3.5 years O C. It takes more than 3.5 years. O D. none of the above