question archive You have just purchased a car and taken out a $50,000 loan

You have just purchased a car and taken out a $50,000 loan

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You have just purchased a car and taken out a $50,000 loan. The loan has a 5­year term with monthly payments and an APR of 6%. How much will you pay in interest, and how much will you pay in principal, during the first month and second month?

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