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You have decided to buy a car with price tag of $60,000 but you are able to negotiate the price down to $58,000. You have

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You have decided to buy a car with price tag of $60,000 but you are able to negotiate the price down to $58,000. You have $5,000 saved, so you need to borrow $53,000 in a 5-year loan from your bank (your bank offers lower rates than the auto-dealer) at a 4.5% APR (annual rate). How much will you owe to the bank after 3 years? Multiple Choice - $23,713 - $22,856 - $23,186 - $22,638 - $23,093

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