After finding a new job as a recent graduate you decided to buy a new car. To finance the purchase you borrowed $28,885 at an interest rate of 4.57%. You will be making monthly payments for 4 years to pay this loan. From your first monthly payment, how many dollars will be allocated to the principal? Round to the nearest penny and enter your answer in the box below.
After finding a new job as a recent graduate you decided to buy a new car. To finance the purchase you borrowed $28,885 at an interest rate of 4.57%. You will be making monthly payments for 4 years to pay this loan. From your first monthly payment, how many dollars will be allocated to the principal? Round to the nearest penny and enter your answer in the box below.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:After finding a new job as a recent graduate you decided to buy a new car.
To finance the purchase you borrowed $28,885 at an interest rate of
4.57%. You will be making monthly payments for 4 years to pay this loan.
From your first monthly payment, how many dollars will be allocated to the
principal? Round to the nearest penny and enter your answer in the box
below.
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