George costanza has just taken out an 2215700 60-month car, Ask an Expert

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George Costanza has just taken out an $22,157.00, 60-month car loan from his local bank with a 12.00% interest rate compounded monthly. At the end of the second year, George plans on making a $2,807.00 payment directly to the loan’s principal and then to keep on making his regular monthly payments.

What is the balance remaining to pay on the loan after two years?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92797212

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