Question: 2) (4 points) Adam has recently received an inheritance, and is considering paying off the loan on his car with one lump sum payment. The

2) (4 points) Adam has recently received an inheritance, and is

2) (4 points) Adam has recently received an inheritance, and is considering paying off the loan on his car with one lump sum payment. The loan requires a payment of $550 per month and there are 36 payments left. The interest rate under the loan is 6% APR. To pay off the loan, he will also have to pay an admin fee equal to 2% of the loan outstanding. How much money does he need to pay off the loan? Suppose instead that the loan interest rate is 6% p.a. semi-annual compounding. How much money will he need

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