Title: Zara bought a 2013 Kia Forte by taking a $19 500 loan from BMO with interest at 5.99% compounded ... Post by: ikrabbe on Nov 27, 2017 Zara bought a 2013 Kia Forte by taking a $19 500 loan from BMO with interest at 5.99% compounded annually and amortized by payments of $378 at the end of every month. She receives an inheritance after making 36 payments and plans to pay the balance in full. What is the payout figure just after the last regular payment made?
Title: Re: Zara bought a 2013 Kia Forte by taking a $19 500 loan from BMO with interest at 5.99% compounded ... Post by: rmaccara on Nov 27, 2017 PV = $19 500; n = 3; i = 5.99%
FV = 19500 × = $23 218.24 Accumulate the value of 36 payments: PMT = $378; n = 36; P/Y = 12; C/Y = 1; I/Y = 5.99%; c = ; i = 5.99% p = -1 = 0.00485965 FV = 378 = $14,831.65 Outstanding balance after 36 months = $23 218.24 - $14 831.65 = $8386.59 |