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Corporate Fin Focused Approach

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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You have just taken out a $20,000
with a 6% APR,
car loan
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?

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