Hank purchased a $20,500 car two years ago using a 8 percent, 4-year loan. He ha
ID: 2796609 • Letter: H
Question
Hank purchased a $20,500 car two years ago using a 8 percent, 4-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan.
What’s the minimum price Hank would need to receive for his car? (Round the loan payment to the nearest cent, but do not round any other interim calculations. Round your final answer to 2 decimal places.)
Hank purchased a $20,500 car two years ago using a 8 percent, 4-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan.
Explanation / Answer
Hence, Hank would need to recieve minimum $12,144.11 for his car.
Loan 22500 Rate 8% Years 4 Year Installment Interest Principle Ending Balance 1 $6,793.22 $1,800.00 $4,993.22 $17,506.78 2 $6,793.22 $1,400.54 $5,392.68 $12,114.11 3 $6,793.22 $969.13 $5,824.09 $6,290.02 4 $6,793.22 $503.20 $6,290.02 ($0.00)Related Questions
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