Question
Please help! I think I'm either applying the wrong value formula or inputing it into the caculator wrong plz help! Suppose you take out a
Please help! I think I'm either applying the wrong value formula or inputing it into the caculator wrong plz help!
Suppose you take out a loan for $26,800 to purchase a 2017 Nissan Altima. Nissan offers $500 cash back (which you use as part of the down payment), and you also put $2,000 of your own money down (so a total down payment of $2,500). The loan is for six years at 3.75% interest with monthly payments, and monthly payments begin one month after purchasing the car. After two years of payments (24 payments), what is the principle remaining on the loan? (This is the payoff amount needed to buy the car after two years of payments). As always, do not round computations until reporting the final answer. Round the final answer to the nearest $0.01.
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