Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Finance

Authors: Michael Fardon

1st Edition

1872962319, 1872962173, 978-1872962313, 978-1872962177

More Books

Students also viewed these Finance questions

Question

What are some of the topics studied?

Answered: 1 week ago