You just received a car loan for 20000 the terms of the, Business Economics

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You just received a car loan for 20000 the terms of the

You just received a car loan for $20,000. The terms of the loan are for 5 years at 6% annual interest, compounded monthly.

a) What is your monthly payment?

b) For the first month, how much of this payment goes to principal?

c) For the first month, how much of this payment goes to interest?

d) How much interest is paid in the second month?

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Business Economics: You just received a car loan for 20000 the terms of the

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