A car loan of $46,700 is amortized over 8 years by equal end-of-month payments at 2.9% compounded monthly. What is the amount still owing after 2 years? A. $36,019.15 B. $30,522.60 C. $43,208.24 D. $45,833.37

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 22PROB
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A car loan of $46,700 is amortized over
years by equal end-of-month payments at
2.9% compounded monthly. What is the
amount still owing after 2 years?
A. $36,019.15
B. $30,522.60
C. $43,208.24
D. $45,833.37
Transcribed Image Text:A car loan of $46,700 is amortized over years by equal end-of-month payments at 2.9% compounded monthly. What is the amount still owing after 2 years? A. $36,019.15 B. $30,522.60 C. $43,208.24 D. $45,833.37
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