Mathematics, 20.04.2021 02:20, littleprinces

Suppose you borrow $40,000 at 13% APR for a 12-year term to be paid monthly. Your monthly payment is $450.00. How much of your first payment goes toward interest?
Please show your work.
Interest allocation formula: r/# of pays in a year*principal= interst

Answers: 1

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Suppose you borrow $40,000 at 13% APR for a 12-year term to be paid monthly. Your monthly payment is $450.00. How much of your first payment goes toward interest? Please show your work. Interest allocation formula: r/# of pays in a year*principal= interst

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Suppose you borrow $40,000 at 13% APR for a 12-year term to be paid monthly. Your monthly payment is $450.00. How much of your first payment goes toward interest?
Please show your work.
Interest allocation formula: r/# of pays in a year*principal= interst