When you purchased yourcar, you took out afive-year annual-payment loan with an interest rate of 5.8% per

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When you purchased yourcar, you took out afive-year annual-payment loan with an interest rate of 5.8% per year. The annual payment on the car is $5,100. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the followingscenarios?

a. You have owned the car for one year(so there are four years left on theloan)?

b. You have owned the car for four years(so there is one year left on theloan)?

round to the nearest cent

Posted Date: May 19, 2024 06:03 AM

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