You bought a car 4 years ago, taking out a $22,000 loan at a 5.4% interest rate for 5 years. Your monthly payments are $419.22 . A. How much will still be owed after making payments for 4 years? I will still owe $_____ after making payments for 4 years. B. If the car's value is now $16,000 then how much equity do you have after making payments for 4 years? I will have $__________in equity after making payments for 4 years.

You bought a car 4 years ago, taking out a $22,000 loan at a 5.4% interest rate for 5 years. Your monthly payments are $419.22 . A. How much will still be owed after making payments for 4 years? I will still owe $_ after making payments for 4 years. B. If the car's value is now $16,000 then how much equity do you have after making payments for 4 years? I will have $______in equity after making payments for 4 years.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 5CE

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