ANswer :  The Pecentage of outstanding principal you pay in interest each month is ___0.64_%

working notes for the above answer is as follow

you make monthly payments on your car loan. it has a quoted APR of 7.7%

APR of 7.7%

So monthly rqate is = 7.7% /12

=0.6416%

APR means annual percentage rate . It is used to describe the true cost of money borrowed in the form of loans, mortgages or credit cards.

The APR basically conveys you the annual rate at which you will be charged interest.

Example :

APR of 7.7% this would mean that for each year the loan was outstanding you would have to pay back £107.70 for every £100 you borrowed