You just bought a $38,000 car. You paid $10,000 down and financed the rest. The loan consists of monthly payments over five years at an APR (compounded monthly) of 6.5%.

But you end up ready to pay off the loan at the end of four years, not five. Maybe your income has grown and you have managed expenses well. So you want to pay off this high-interest loan early. What should that balance on the loan be at the end of four year years?

Please answer using excel formula with steps