You have just purchased a car and taken out a $ 37 comma 000 loan. The loan has a​ five-year term with monthly payments and an APR of 5.7 %.

Question

a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ month, second​ month, and first​ year? (Hint: Compute the loan balance after one​ month, two​ months, and one​ year.)
b. How much will you pay in​ interest, and how much will you pay in​ principal, during the fourth year​ (i.e., between three and four years from​ now)?
​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)
a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ month, second​ month, and first​ year? (Hint: Compute the loan balance after one​ month, two​ months, and one​ year.)
During the first​ month, you will pay ​$
nothing in principal.  ​(Round to the nearest​ cent.)

Answer 1

I will assume that this is compound interest.
Have you calculated the monthly payment? You will need it to answer the first part