Derek borrows $38,457.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.06%. After a 10.00 months Derek decides to pay off his car loan. How much must be give the bank? Submit Answer format: Currency Round to 2 decimal places

Derek borrows $38,457.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.06%. After a 10.00 months Derek decides to pay off his car loan. How much must be give the bank? Submit Answer format: Currency Round to 2 decimal places

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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Question

Derek borrows $38,457.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of
5.06%. After a 10.00 months Derek decides to pay off his car loan. How much must he give the bank?
Submit
Answer format: Currency: Round to 2 decimal places...

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