Question: Ryan is buying an electric car with a purchase price of $39,500. He will pay $1500 down and finance the remainder at 8% for 5

Ryan is buying an electric car with a purchase price of $39,500. He will pay $1500 down and finance the remainder at 8% for 5 years. Both the interest and payments are on a monthly basis. Two years later, he decides that he wants to pay off the balance remaining on his loan. How much will Ryan need to pay?

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