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You borrowed $10,000 to buy a car at 12% APR compounded quarterly. You are making quarterly payments for five years. You just made the first
You borrowed $10,000 to buy a car at 12% APR compounded quarterly. You are making quarterly payments for five years. You just made the first payment and decided you want to sell the car and pay off the loan. How much do you own on the loan if you pay it off immediately after making the first payment? Select one: A. 8,425.90 B. 9,627.84 C. 9,327.84 D. Correct answer not shown The future value of a 15 year annual annuity due payment of $1,000 at 15% is: Select one: A. $47,580,41 B. $54,717,47 C. $5,847.37 D. $6,724.48
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