You have just purchased a new automobile costing $24000. the trade-in you have is valued at $6000. the purchase will be financed with a 3% loan which will be repaid over 5 years with monthly payments. determine a.) monthly payment b.) the total interest you will pay the loan over the 5 year period, and c.) the loan balance after the 48th payment. Ignore parts a and b, I just want the formula for part c.)

You have just purchased a new automobile costing $24000. the trade-in you have is valued at $6000. the purchase will be financed with a 3% loan which will be repaid over 5 years with monthly payments. determine a.) monthly payment b.) the total interest you will pay the loan over the 5 year period, and c.) the loan balance after the 48th payment. Ignore parts a and b, I just want the formula for part c.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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