Interest and the portion that goes to principal

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Bill decides to purchase a new car with a sticker price of $25,000. The car dealer offers Bill either $2,000 cash back or 2% financing for 5 years. If Bill takes the financing, he will make 60 equal monthlypayments. Otherwise, he will pay $23,000 today for the car.

Prepare a graph in Excel that shows the portion of each payment that goes to interest and the portion that goes to principal.

Reference no: EM131356093

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