Question

When Maria Acosta bought a car 2 1/2 years ago, she borrowed $12,000 for 48 months at 6.6% compounded monthly. Her monthly payments are $285.13, but she'd like to pay off the loan early. How much will she owe just after her payment at the 2 1/2-year mark? (Round your answer to the nearest cent.)

Answer 1

Due on loan PV*(1+r)^n-P*(1+r)^n-1)/ Due on loan Due on loan $ $ 4,873.89 4,873.89 =(12000*(1+(6.6%/12))^30)-285.13*((1+6.6%/12))^30-1)/(6.6%/12) |

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