Question

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $74800 at a nominal rate of 6.250% per year compounded monthly, with uniform monthly payments starting one month from the date of purchase. What were his monthly car payments? $
after 24 months how much would he still owe? $  
He sold the car at the end of 36 months for $60,000. What was the payoff. $  (remember to add the last payment) How much of his thirteenth payment was interest? $  
How much of his thirteenth payment was equity? $

Answer 1

1	Monthly payment	$1,454.80
2	Amount paid in 24 months	-27156.69
	Balance due	47643.31
3	Amount paid in 36 months	52372.8
	Payoff	7627.2
4	Amount paid in 12 payments	-13155.26
	Balance due	61644.74
	Interest in 13th payment	321.07
	Principal in 13th payment	1133.73

WORKINGS