In: Finance
How much do you still owe on your auto loan if you have 47 remaining monthly payments of $543 with annual interest of 6.9 percent assuming monthly compounding?
Answer to the nearest dollar amount, and enter without the dollar sign.
Present Value Of An Annuity |
= C*[1-(1+i)^-n]/i] |
Where, |
C= Cash Flow per period |
i = interest rate per period |
n=number of period |
= $543[ 1-(1+0.00575)^-47 /0.00575] |
= $543[ 1-(1.00575)^-47 /0.00575] |
= $543[ (0.2362) ] /0.00575 |
= $22,307 |