When you purchased yourcar, you took out afive-year annual-payment loan with an interest rate of 6.1 %

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6.1% per year. The annual payment on the car is $ 4 comma 500

$4,500. 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 followingscenarios?

a. You have owned the car for one year(so there are four years left on theloan)?

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

Related Book For answer-question

Fundamentals of Corporate Finance

ISBN: 978-0132148238

2nd edition

Authors: Berk, DeMarzo, Harford

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Posted Date: May 18, 2024 04:17 PM

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When you purchased yourcar, you took out afive-year annual-payment loan with an interest rate of 6.1 %

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Fundamentals of Corporate Finance

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