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George Costanza has just taken out an $18,351.00, 60-month car loan from his local bank with a 5.64% interest rate compounded monthly. At the end of the second year, George plans on making a $2,625.00 payment directly to the loan’s principal and then to keep on making his regular monthly payments.

a) What is the monthly payment for this car loan? (2 decimals)

b) What is the balance remaining to pay on the loan after two years? (2 decimals)

c) What is the balance remaining on the loan after the extra payment to principal is made? (This happens after year 2...) (2 decimals)

d) How many months remain on the loan after the extra payment is made? (Do not round)

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M92768180

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