Derek borrows $32,708.00 to buy a car. He will make monthly payments for 6 years. The...

Derek borrows $32,708.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.24%. After a 11.00 months Derek decides to pay off his car loan. How much must he give the bank?

Answer Format Currency: Round to: 2 decimal places.

Expert Solution

Amount borrowed	$ 32,708.00
Term of the loan in years	6
Number of monthly payments	72
Annual interest rate	5.24%
Monthly interest rate	0.44%
Monthly payment	$ 530.41
Principal paid in 11 months	$ 4,357.74
Balance of loan	$ 28,350.26

Therefore, the amount he must pay to the bank is $28,350.26

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jeff jeffy answered 2 years ago

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