Question

Three years ago, you purchased a car and financed your purchase with a five-year loan at...

Three years ago, you purchased a car and financed your purchase with a five-year loan at 8% per annum. You were making monthly payments of $811.00 on the car loan and you have just made your 36th monthly payment today. The amount of your original loan is closest to:

$25,880.

$38,857.

$40,000.

$48,660.

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Answer #1

The loan value is closest to $40000

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