SOLUTION: Kim has a car loan for $550 per month at 4% annual interest rate. She would like to pay the car off 2 years early. How much would the payoff amount be ?
Algebra.Com
Question 1100091: Kim has a car loan for $550 per month at 4% annual interest rate. She would like to pay the car off 2 years early. How much would the payoff amount be ?
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
550/month=6600/yr
6600/yr + 4%=6600(1+0.04)=6864
6864/yr * 2 years=$13,728 amount of payoff
☺☺☺☺
RELATED QUESTIONS
Ron borrowed $1800 to finance a computer at 15.6%/a compounded monthly for 1 1/2 years.... (answered by math_tutor2020,mananth)
1.Marina had an accident with her car and the repair bill came to $800. She didn’t have... (answered by ikleyn)
1.Natasha borrowed $550 from her uncle for her textbooks this semester and promised to... (answered by Lightning_Fast,ikleyn)
Kim Barnes bought a new home for 250,000. She made a 30% down payment and got a 4% 20... (answered by ptfile)
Kayla uses her credit card to purchase a new television for $487.89. She can pay off up... (answered by Theo)
Is it D? I want to check my answer.
Esme earns a net salary of $2,400 per month. She... (answered by MathLover1)
Do appreciate your assistance for me to understand
Q1. A company is selling product... (answered by dafi79)
Paige bought a car from a friend for $6500. The bank made her a simple interest loan with (answered by Boreal)
Hello, I desperately need help with this problem. This problem is not from a college... (answered by stanbon)