Recently, Jamie and Jake each bought new cars. Both received a loan from a local bank with a rate of 10% where payments are made at the end of each month, and they both pay the same monthly payment. Jamie's loan is for $25,000; however, his loan matures at the end of 4 years (48 months), while Jake's loan matures in 5 years (60 months). After 48 months Jamie's loan will be paid off, but what will be the remaining balance on Jake's loan?

Answer rating: 100% (QA)

To calculate the remaining balance on Jakes loan after 48 months we need to determine the monthly pa... View the full answer