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Home Q & A Board Science-Related Homework Help Mathematics
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ikrabbe ikrabbe
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6 years ago
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?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
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
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