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Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.3% and a monthly payment of $703.50. After 4 years, Angela decides to purchase a new car. What is the payoff on Angela's loan? * O $8,442.00 O $8,160.84 O $8,150.84 O $8,165.74

Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.3% and a monthly payment of $703.50. After 4 years, Angela decides to purchase a new car. What is the payoff on Angela's loan? * O $8,442.00 O $8,160.84 O $8,150.84 O $8,165.74

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.3% and a monthly payment of $703.50. After 4 years, Angela decides to purchase a new car. What is the payoff on Angela's loan? * O $8,442.00 O $8,160.84 O $8,150.84 O $8,165.74 Suppose an unpaid bill for $320 had a due date of April 10. A purchase of $28 was made on April 12, and $125 was charged on April 24. A payment of $65 was made on April 15. The next billing date is May 10. The interest on the average daily balance is 2.5% per month., what is the finance charge on the May 10 bill? * O $5.48 O $8.97 O $8.90 O $9.00
Transcribed Image Text:Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.3% and a monthly payment of $703.50. After 4 years, Angela decides to purchase a new car. What is the payoff on Angela's loan? * O $8,442.00 O $8,160.84 O $8,150.84 O $8,165.74 Suppose an unpaid bill for $320 had a due date of April 10. A purchase of $28 was made on April 12, and $125 was charged on April 24. A payment of $65 was made on April 15. The next billing date is May 10. The interest on the average daily balance is 2.5% per month., what is the finance charge on the May 10 bill? * O $5.48 O $8.97 O $8.90 O $9.00
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