Derek borrows $39,180.00 to buy a car. He will make monthly payments for 6 years. The...

Derek borrows $39,180.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 6.07%. After 11 months Derek decides to pay off his car loan. How much must he give the bank? Answer format: round to 2 decimal places

Expert Solution

Borrowed amount = $39,180

Amount is borrowed for 6 years and will be paid in monthly payments. After 11 months, Derek decides to pay the loan

Calculating the Loan ablance after 11 months:-

Where, P = Loan amount = $39,180

r = Periodic Interest rate = 6.07%/12 = 0.5058333%

n= no of periods of loan = 6 years*12 = 72

m = no of payments made = 11

Outstanding balance = $34,075.41

So, the amount he give the bank is $34,075.41

jeff jeffy answered 2 years ago

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