Question

You take a fixed-rate, amortizing, 7-year loan to buy a car. The loan amount is $130,000,...

You take a fixed-rate, amortizing, 7-year loan to buy a car. The loan amount is $130,000, the APR is 4%. Payment is expected at the end of each month. What will the mortgage balance be right after you make your 45th payment assuming all payments were made on time and no prepayments were made? Round your answer.

a. 64,884
       b. 76,843
       c. cannot be determined
       d. 84,648
       e. 50,038

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