To purchase a car, Sarah took out a 60-month loan for $33,000 with a 7.6% annual interest rate. After making 45 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is (Round to the nearest cent.) payments remaining is The amount needed to pay off this loan with (Round to the nearest cent.)

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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ETo purchase a car, Sarah took out a 60-month loan for $33,000 with a 7.6% annual interest
Erate. After making 45 payments, Sarah received a bonus from work and plans to use it to
pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed
to pay off her loan.
Sarah's monthly payment is
(Round to the nearest cent.)
The amount needed to pay off this loan with
(Round to the nearest cent.)
payments remaining is
Transcribed Image Text:ETo purchase a car, Sarah took out a 60-month loan for $33,000 with a 7.6% annual interest Erate. After making 45 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is (Round to the nearest cent.) The amount needed to pay off this loan with (Round to the nearest cent.) payments remaining is
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