In the first payment on a 60- month, $10,000 car loan with an APR of 2.89%, how much pays off the principal?

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
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General accounting

In the first payment on a 60-
month, $10,000 car loan with an
APR of 2.89%, how much pays off
the principal?
Transcribed Image Text:In the first payment on a 60- month, $10,000 car loan with an APR of 2.89%, how much pays off the principal?
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