when you purchaced your car you you took out a five year loan with an interest rate

Fantastic news! We've Found the answer you've been seeking!

Question:

when you purchaced your car you you took out a five year loan with an interest rate of 6% each year. The annual payment on the car is $5,000. you have just made a payment and now have to decide tp pay off the loan by repaying the outstanding balanceWhat is the pay off annount if ;

a.) you have owned a car for one year (so there are four years left on the loan)

b.) you have owned a car for four years (so there is one year left on the loan)

Posted Date: Jun 27, 2024 02:06 AM

See More Questions

a) A stock costs $900 and pays an annual $40 cash dividend. If you expect to sell the stock for $1,000 after five years, what is your anticipated return on the investment? b) A $1,000 bond has a 4...
On December 23, 2012, Big Sky Sports Manufacturing sells a truckload of sporting goods to the Sports R Us store in Amarillo, Texas. The terms of the sale are FOB destination. The truck runs into bad...
Tim, a single taxpayer, operates a business as a single-member LLC. In 2019, his LLC reports business income of $404,500 and business deductions of $707,875, resulting in a loss of $303,375. What are...
Under process costing, which manufacturing costs are assigned to the product as it moves from one manufacturing process to the next? a. Direct materials, direct labor, and conversion costs b. Direct...
What Do You Know About Amazon Associate Program? What Would You Do To Increase Your Earnings With Amazon Associate Program? Is Affiliate Marketing And Referral Marketing One And The Same? What is...
As a leader, what do you think are important elements of a leadership team made up of those senior people that you will surround yourself with? Do you have (or have you had) a mentor? If so, how have...
What role do interorganizational relationships and alliances play in achieving strategic goals, and how do organizations manage these relationships to ensure mutual benefit and minimize risks ?
How do expatriate managers normally rotate into the operations of a foreign country? How long do they typically stay in the country? What are the disadvantages? How did Shane Tedjarati rotate into...
If you are not Asian, do you know someone well who is Asian? In what capacity do you know them (e.g., personal friend, manager, classmate, neighbor, etc.)? Do you know their ethnic origin (e.g.,...

when you purchaced your car you you took out a five year loan with an interest rate

Question:

Expert Answer:

Students also viewed these finance questions