Question: Use this information for the next two problems. You have just purchased a $60,000 car using a 6-year loan at an annual interest rate of

Use this information for the next two problems. You have just purchased a $60,000 car using a 6-year loan at an annual interest rate of 4.0% and monthly loan payments, with the first payment at the end of the first month.

2. Suppose you pay this loan off at the end of 3 years, so there are 3 years left on the loan. What will be your loan balance (loan payoff)?

a. $26,389.73

b. $27,025.63

c. $29,251.27

d. $30,000.00

e. $31,794.86

3. How much will be your second principal payment?

a. $741.17

b. $778.23

c. $817.14

d. $858.00

e. $938.71

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