Question

When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate...

When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate of 5.9%per year. The annual payment on the car is $4,700.

You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following​ scenarios?

a.You have owned the car for one year​ (so there are four years left on the​ loan)?

b. You have owned the car for four years​ (so there is one year left on the​ loan)?

Homework Answers

Answer #1

A. Ans: $16323.36

B. Ans. $4438.15

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate...
When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate of 5.9 % per year. The annual payment on the car is $ 5,100. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following​ scenarios? a. You have owned the car for one year​ (so there are four years left on the​ loan)? b. You have...
When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate...
When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate of 5.9% per year. The annual payment on the car is $4,800. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following​ scenarios? a. You have owned the car for one year​ (so there are four years left on the​ loan)? b. You have owned the...
When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate...
When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate of 6.1 % per year. The annual payment on the car is $ 5,100. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following​ scenarios? a. You have owned the car for one year​ (so there are four years left on the​ loan)? b. You have...
When you purchased your? car, you took out a? five-year annual-payment loan with an interest rate...
When you purchased your? car, you took out a? five-year annual-payment loan with an interest rate of 5.7% per year. The annual payment on the car is $4,900. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following? scenarios? a.You have owned the car for one year? (so there are four years left on the? loan)? b. You have owned the car...
1. When you purchased your car, you took out a five-year annual-payment loan with an interest...
1. When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6% per year. The annual payment on the car is $5,000. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount if have owned the car for four years (so there is one year left on the loan)? 2.Suppose you receive $100 at the end of each...
8. When you purchased your​ house, you took out a​ 30-year annual-payment mortgage with an interest...
8. When you purchased your​ house, you took out a​ 30-year annual-payment mortgage with an interest rate of 10 % per year. The annual payment on the mortgage is $ 10,918. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance. a. What is the payoff amount if you have lived in the house for 10 years​ (so there are 20 years left on the​ mortgage)? b. What is the...
When you purchased your​ house, you took out a​ 30-year annual-payment mortgage with an interest rate...
When you purchased your​ house, you took out a​ 30-year annual-payment mortgage with an interest rate of 10% per year. The annual payment on the mortgage is $14,909. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance. a. What is the payoff amount if you have lived in the house for 18 years​ (so there are 12 years left on the​ mortgage)? b. What is the payoff amount if...
1. You receive a ​$5 comma 000 check from your grandparents for graduation. You decide to...
1. You receive a ​$5 comma 000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 6​% per year and you think you will need to have ​$10 comma 000 saved for the down payment. How long will it be before the ​$5 comma 000 has grown to ​$10 comma 000 ​? To double the money you received from your​ grandparents, it will take nothing years.  ​(Round...
angela Montery has a five-year car loan for a jeep wrangler at an annual interest rate...
angela Montery has a five-year car loan for a jeep wrangler at an annual interest rate of 6.3% and a monthly payment of $605.50. After 3 years, Angela decides to purchase a new car. What is the payoff on angelas loan? (round answer to two decimals)
Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate...
Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.1% and a monthly payment of $605.50. After 3 years, Angela decides to purchase a new car. What is the payoff on Angela's loan? (Round your answer to two decimal places.)