b. The price of a car is $25,000. You have saved 25% of the price as a down payment. After the down payment, the balance is financed with a 5-year loan with monthly payments at 8%. Determine the unpaid balance after three years. The unpaid balance after three years is $14447 (Round to the nearest dollar as needed.)
b. The price of a car is $25,000. You have saved 25% of the price as a down payment. After the down payment, the balance is financed with a 5-year loan with monthly payments at 8%. Determine the unpaid balance after three years. The unpaid balance after three years is $14447 (Round to the nearest dollar as needed.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section: Chapter Questions
Problem 5P
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