A friend of yours bought a new sports car with a $4,000 down payment plus a $32,000 car loan that is financed at an interest rate of 0.75% per month for 60 months. a. Calculate the required monthly loan payment on the car. b. How much does your friend still owe on the car loan immediately after she makes the 36th monthly payment? c. If, after the 36th payment, she decides to pay $200 more each month, how many months will it take her to payoff the remaining loan she owes? a. The required monthly payment is 664.2 (Round to the nearest cent.) b. Your friend still owes $ on the car loan. (Round to the nearest dollar.) c. It will take her months (Round-up to the nearest month) C

A friend of yours bought a new sports car with a $4,000 down payment plus a $32,000 car loan that is financed at an interest rate of 0.75% per month for 60 months. a. Calculate the required monthly loan payment on the car. b. How much does your friend still owe on the car loan immediately after she makes the 36th monthly payment? c. If, after the 36th payment, she decides to pay $200 more each month, how many months will it take her to payoff the remaining loan she owes? a. The required monthly payment is 664.2 (Round to the nearest cent.) b. Your friend still owes $ on the car loan. (Round to the nearest dollar.) c. It will take her months (Round-up to the nearest month) C

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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