Liv buys a new car. Her auto loan is $18,000 with an annual interest rate of 3.6% compounded monthly for 5 years. Her monthly payment is $328.26. The following table shows the first payment in the amortization schedule. Payment Number Loan Amount Payment Interest Principal Remaining Balance 1 $18,000.00 $328.26 ? How much of Liv's first payment is distributed to interest and to principal? Select the correct value for each. principal interest :: $54.00 :: $328.26 :: $274.26 :: $11.81 :: $316.45

Liv buys a new car. Her auto loan is $18,000 with an annual interest rate of 3.6% compounded monthly for 5 years. Her monthly payment is $328.26. The following table shows the first payment in the amortization schedule. Payment Number Loan Amount Payment Interest Principal Remaining Balance 1 $18,000.00 $328.26 ? How much of Liv's first payment is distributed to interest and to principal? Select the correct value for each. principal interest :: $54.00 :: $328.26 :: $274.26 :: $11.81 :: $316.45

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

See similar textbooks

Similar questions

You decide to buy a 2020 blue Rolls-Royce Phantom for $455,000. Use the simple interest formula to determine what your monthly payment would be if you take a loan out to pay for the car. Assume that you do not have a down payment, you are taking the loan out for 5 years, and the annual interest rate is 7%.
You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 4%. How much money do you need to deposit each month?
You want to buy a $26,000 car. The company is offering a 3% interest rate for 60 months (5 years). What will your monthly payments be? e
luis mahia purchases a porsche boxster for $45,600 and finances the entire amount at an annual interest rate of 7.9% for 7 years find the monthly payment assume the sales tax is 6% of the purchase price and the license fee is 1% of the purchase price (round your answer to the nearest cent)
Sandra buys a new car for $18,600. She puts 15% down and obtains a simple interest amortized loan for the balance at6. 25% for 5 years. Find her monthly payment and the total interest paid.
Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472
Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $256,000 condominium bought with a 30% down payment and the balance financed for 30 years at 3.05%
Compute the monthly payments for the add on interest loan. The amount of the loan is $9,011.28. The annual interest rate is 4.4%. The term of the loan is 0.5 years.
A family buys a new minivan for $45,000 and makes a down payment of $12,000. They finance the van for 5 years at 8% interest. Calculate the monthly payment if the monthly payment factor is 0.0202764.
Determine the monthly payment if you take out a loan for $160,000 with an annual interest rate of 4.25% and the term of the loan is 20 years.
Find the monthly payment of the loan. Purchase Price Down Payment Finance Charge #of Monthly Payments $2700 $500 $250 36 What is the monthly payment?
Charlotte wants $30,000 in eight years by making monthly payments into an annuity that pays 4 1/2 %. What does she need to deposit each period to reach her goal? O $33.82 $260.20 $265.68 O $312.50