You borrowed $22,000 to buy a new car from a bank at an interest rate of 9%

Question:

You borrowed $22,000 to buy a new car from a bank at an interest rate of 9% compounded monthly. This loan will be repaid in 60 equal monthly installments over five years. Immediately after the 24th payment. you desire to pay the remainder of the loan in a single payment. Compute this lump-sum amount.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: