Question
After working at your first full time job after college for a few years, you decided to buy a used car. You financed this used
After working at your first full time job after college for a few years, you decided to buy a used car. You financed this used car for a total of 36 months (with payments made at the end of the month). The loan you got was for an APR of 8.3% with monthly compounding. Your monthly car payments are $471.00 and you have just made your 27th monthly payment on your car.
Assuming that you have made all of the first 27 payments on time, then the remaining principal balance on your used car loan is closest to:
A) $4,096.04
B) $7,298.12
C) $11,764.78
D) $22,975.93
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