A historian for the American Math Museum has a 5-year car loan for which the monthly payment is $760.46 with an annual interest rate of 4.75% compounded monthly. After making 36 payments, the historian decides to trade in the car for a new car. Calculate the amount (in dollars) the historian still owes on the car. (Round your answer to the nearest cent. )

A historian for the American Math Museum has a 5-year car loan for which the monthly payment is $760.46 with an annual interest rate of 4.75% compounded monthly. After making 36 payments, the historian decides to trade in the car for a new car. Calculate the amount (in dollars) the historian still owes on the car. (Round your answer to the nearest cent. )

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.19E

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