Hank purchased a $28,000 car two years ago using an 8 percent, 5-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What is the minimum price Hank would need to receive for his car?

10.Using the same data that is in problem #9, how much principle did Hank pay during the 12 months he had his car?