Rachael purchased a car for $17,000 three years ago using a 4-year loan with an interest rate of 9.0 percent. She has decided that she would sell the car now, if she could get a price that would pay off the balance of her loan.

What is the minimum price Rachael would need to receive for her car? Calculate the monthly payments, then use those payments and the remaining time left to compute the percent value (called balance) of the remaining loan.

Minimum price??