Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. when you purchased your car, you took out a five-y

When you purchased your car, you took out a five-year annual-payment loan with an interest...

60.1K

Verified Solution

Question

Finance

When you purchased your car, you took out a five-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 following scenarios?

a.

You

have owned the car for one year (so there are four years left on the loan)?

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

The tide removes sand from Sandy Point Beach at a rate modeled by the function...

Chemistry
1.2K views

Consider the reaction A+2B⇌C whose rate at 25 ∘C was measured using three different sets of...

Geometry
1.2K views

A hurricane is threatening the small town of Timmons. On a map with coordinates in...

Basic Math
1.2K views

The bear population has a growth rate of 1.02. There are 1573 bears this year....

Calculus
1.2K views

Plot the vector field F ri y j Now consider the points P 1 5...

Algebra
1.2K views

Write equation using point slope form but end in slope intercept form 4 3 3...

Algebra
1.2K views

Factor the following polynomial completely Sorry that s incorrect Try again 16x 625y

Accounting
1.2K views

Total costs were $76,900 when 26,000 units were produced and $97,500 when 39,000 units were...

Accounting
1.2K views

Nakashima Gallery had the following petty cash transactions in February of the current year and...

Accounting
1.2K views

The rate or retum on CBO government bonde during the past year 6.000 The Inflation...

Finance
1.2K views

Griffin's Goat Farm, Inc.'in 679.000 $ sat, 341.000 $ maliyeti, 85.000 $ amortisman gideri, 52.500...

Finance
1.2K views

Saddened by the death of her favorite aunt, Shannel (age 35) was extremely surprised to...