John Fowler makes a $350 monthly car payment, which is based on 12% annual interest, compounded...

 

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John Fowler makes a $350 monthly car payment, which is based on 12% annual interest, compounded monthly. L ii. Determine the amount of car brought if John made down payment of #3,000 and the financed the rest of the amount for 5 years. Determine the payoff at the time the 31 payment is due. John Fowler makes a $350 monthly car payment, which is based on 12% annual interest, compounded monthly. L ii. Determine the amount of car brought if John made down payment of #3,000 and the financed the rest of the amount for 5 years. Determine the payoff at the time the 31 payment is due.

Answer rating: 100% (QA)

Calculating the amount John financed for the car and the payoff at his 31st payment Loan amount calc... View the full answer