Question

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

a. You have owned the car for one year​ (so there are four years left on the​ loan)? The payoff if you have owned the car for one year​ (so there are four years left on the​ loan) is ​?. ​(Round to the nearest​ cent.)

b. You have owned the car for four years​ (so there is one year left on the​ loan)? The payoff if you have owned the car for four years​ (so there is one year left on the​ loan) is?  ​(Round to the nearest​ cent.)

Answer 1

a)

b)

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