When Maria Acosta bought a car 2 years ago, she borrowed $12,000 for 48 months at 7.2% compounded monthly. Her monthly payments are $288.47, but she'd like to pay off the loan early. How much wil 1 she owe just after her payment at the 2-year mark? (Round your answer to the nearest cent.)
When Maria Acosta bought a car 2 years ago, she borrowed $12,000 for 48 months at 7.2% compounded monthly. Her monthly payments are $288.47, but she'd like to pay off the loan early. How much wil 1 she owe just after her payment at the 2-year mark? (Round your answer to the nearest cent.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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![1
When Maria Acosta bought a car 2
years ago, she borrowed $12,000 for 48 months at 7.2% compounded monthly. Her monthly payments are $288.47, but she'd like to pay off the loan early. How much will
she owe just after her payment at the 2
-year mark? (Round your answer to the nearest cent.)
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee8fb823-9e56-4d34-a863-64debae68570%2F998b8e22-44cc-43ad-9550-9a2ad4cebbbd%2Faiqks8_processed.png&w=3840&q=75)
Transcribed Image Text:1
When Maria Acosta bought a car 2
years ago, she borrowed $12,000 for 48 months at 7.2% compounded monthly. Her monthly payments are $288.47, but she'd like to pay off the loan early. How much will
she owe just after her payment at the 2
-year mark? (Round your answer to the nearest cent.)
2
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