You want to pay off the loan on your motorbike that you bought 23 months ago. Your monthly payment is 8,200 on a 3-year loan at an annual interest rate of 9%. Find the payoff amount (remaining balance).
You want to pay off the loan on your motorbike that you bought 23 months ago. Your monthly payment is 8,200 on a 3-year loan at an annual interest rate of 9%. Find the payoff amount (remaining balance).
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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- You want to pay off the loan on your motorbike that you bought 23 months ago. Your monthly payment is 8,200 on a 3-year loan at an annual interest rate of 9%. Find the payoff amount (remaining balance).
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