10. Tammy purchased a vehicle for $35,000 two years ago using a 5 percent, 5-year loan. She has decided that he would sell the car now, if she could get a price that would pay off the balance of her loan. What is the minimum price Tammy would need to receive for her car? 11. Give the same information in #10, when Tammy made her 24th payment what was the payment amount, interest paid and principle paid?

10. Tammy purchased a vehicle for $35,000 two years ago using a 5 percent, 5-year loan. She has decided that he would sell the car now, if she could get a price that would pay off the balance of her loan. What is the minimum price Tammy would need to receive for her car? 11. Give the same information in #10, when Tammy made her 24th payment what was the payment amount, interest paid and principle paid?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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