Two years ago you purchased a new SUV for $50,000. You financed your SUV for 60 months at 6.15% APR (with payments made at the end of the month). You have just made your 24th monthly payment on your SUV. Assuming that you have made all of the first 24 payments on time, What is the outstanding principal balance (rounded to the nearest dollar) on your SUV loan?.

Two years ago you purchased a new SUV for $50,000. You financed your SUV for 60 months at 6.15% APR (with payments made at the end of the month). You have just made your 24th monthly payment on your SUV. Assuming that you have made all of the first 24 payments on time, What is the outstanding principal balance (rounded to the nearest dollar) on your SUV loan?.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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