The loan has a five-year term with monthly payments

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Reference no: EM131300017

You have just purchased a car and taken out a $51,000 loan. The loan has a five-year term with monthly payments of $997.87 and an APR of 6.5%. How much will you pay in interest, and how much will you pay in principal during the first month? What is your balance after the first month?

Reference no: EM131300017

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