You are interested in purchasing an automobile but you require financing. The dealer has provided you with several loan options to finance the purchase. Your market rate of return for the risk that you pose various lenders is 7%; The automobile that you want to purchase has a sticker price of $35,000 and a competitive market value of $31,000. Here are your loan options

Loan 1: loan has a term of 60 months, a contractual rate of interest of 8% and requires a down payment of $1500 for the purchase of the car. The loan allows you to claim a rebate of $1000 on the car at purchase.

Loan 2: The loan has a term of 72 months, a contractual rate of 7.5% and requires a down payment of $1000 for the purchase of the car. The loan allows you to claim a $500 rebate

Loan 3: The loan has a term of 36 months a contractual interest rate of 0% and requires $4000 down. No rebate is available for this option.

If you chose loan 1, and decide to pay the loan off early (after you've made payments for 24 months) what is the payoff balance of the loan (rounded to the nearest dollar)?