Derek borrows $35,808.00 to buy a car. He will make monthly payments for 6 years. The...

Derek borrows $35,808.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 6.04%. After a 12.00 months Derek decides to pay off his car loan. How much must he give the bank?

Expert Solution

=> First we will create a loan amortization schedule for this:

=> From the above table we can see the balance amount left after 12 payments (12 months) is $ 30,701.56.

=> Therefore, Derek have to give $ 30,701.56 to the bank for paying off his car loan

Formula used in excel:

jeff jeffy answered 2 years ago

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