the monthly payments on the car are $323.44 for 60 months.
in the above calculator printout:
the inputs are everything except the monthly payment.
the output is the monthly payment.
the number of months of the loan is 5 years * 12 = 60 months.
the interest rate percent per month is 3% per year / 12 = .25% per month.
after you have the car for one year, it gets totaled.
the insurance company says that the value of the car has decreased by 25% in that year.
the care is therefore worth $18,000 minus .25 * $18,000 = $13,500.
the insurance company subtracts the $500 deductible from that, which leaves you with a check from the insurance company for $13,000.
That's how much you get back from the insurance company.
you still owe the bank the remaining balance on the loan.
the remaining balance on the loan is equal to $14,612.60.
in the above calculator printout:
the inputs are everything except the present value.
the output is the present value.
the number of months of the loan is 4 years * 12 = 48 months remaining on the original loan.
the interest rate percent per month remains the same at 3% per year / 12 = .25% per month.
the present value is the remaining balance on the loan at the end of the first year of the loan.
once you give the bank $13,000 that you received from the insurance company, you still owe the bank the difference, which is equal to $1,612.60.
i'm not exactly sure what you wanted to find out in this problem.
if it was the monthly payment, then that calculation was made from a principal of $18,000 that has nothing to do with what came after.
the loan was made and had to be payed off regardless of whether you totaled the car one year after your bought it or not.
bottom line is that you still owed the bank the remaining balance on the loan, which was $14,612.60.
the insurance company only gave you $13,000, so you're out the difference.
let me know if this answers your question or not.
if it doesn't, then let me know what it is that you wanted to know.