You are thinking about buying a car, and a local bank is willing to lend you $15,000 to buy the car. Under the terms of the loan, it will be paid off over 5 years with an APR of 6%. What would be the monthly payment on the loan? Round your number to two decimal places.
What is the payment for the first month? Round your number to two decimal places.
What is the interest payment for the first month?
What is the principal payment for the first month?
What is the ending balance for the first month?