A car was purchased for $6400.00 down and payments of $445.00 at the end of each month for 6 years. Interest is 7.32% compounded monthly. If the owner decides to sell the car after 4 years and 2 months, how much does the owner still owe on the loan?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
A car was purchased for $6400.00 down and payments of $445.00 at the end of each month for 6 years. Interest is 7.32% compounded monthly. If the owner decides to sell the car after 4 years and 2 months, how much does the owner still owe on the loan?
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