Dagmar has a 4-year car loan at an annual interest rate of 4.5%. She has made 28 payments of $979.77. If Dagmar decides to pay off her loan, what is her payoff amount (in dollars)? (Round your answer to the nearest cent.)

Dagmar has a 4-year car loan at an annual interest rate of 4.5%. She has made 28 payments of $979.77. If Dagmar decides to pay off her loan, what is her payoff amount (in dollars)? (Round your answer to the nearest cent.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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Pay-off amount: The amount which satisfies all the terms of the loan and completely write-off the debt.

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