Hank purchased a car for $28,000 two years ago using a 4-year loan with an interest rate of 6.0 percent. 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? Calculate his monthly payments, then use those payments and the remaining time left to compute the present value (called balance) of the remaining value.

Minimum price?