Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on the unpaid balance. Using future value formula: A =
Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on the unpaid balance.
Using future value formula: A = (M[(1+ r/n ) n*t - 1]) / r/n or
present value formula: P(1+r/n)n*t = (M[(1+ r/n ) n*t - 1]) / r/n
30-year car loan for $235,000 at 3.21%; remaining balance after 20 years.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started