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A bank recently loaned you $40,000 to buy a car. The loan is for 2 years and is fully amortized. The nominal rate on the

A bank recently loaned you $40,000 to buy a car. The loan is for 2 years and is fully amortized. The nominal rate on the loan is 32 percent, and payments are made at the end of each month (Constant Payment Mortgage). What will be the remaining balance on the loan after you make the 10th payment? (Answer is rounded) 36727.77 25602.83 24485.18 38404.24 26325.86

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