When Maria Acosta bought a car 2 years ago, she borrowed $12,000 for 48 months at 7.2% compounded monthly. Her monthly payments are $288.47, but she'd like to pay off the loan early. How much wil 1 she owe just after her payment at the 2-year mark? (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 24PROB
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1
When Maria Acosta bought a car 2
years ago, she borrowed $12,000 for 48 months at 7.2% compounded monthly. Her monthly payments are $288.47, but she'd like to pay off the loan early. How much will
she owe just after her payment at the 2
-year mark? (Round your answer to the nearest cent.)
2
Transcribed Image Text:1 When Maria Acosta bought a car 2 years ago, she borrowed $12,000 for 48 months at 7.2% compounded monthly. Her monthly payments are $288.47, but she'd like to pay off the loan early. How much will she owe just after her payment at the 2 -year mark? (Round your answer to the nearest cent.) 2
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