Answered: You purchase a vehicle for $25,000 at…

You purchase a vehicle for $25,000 at an 8% APR. Your loan term is 72 months. After one year of making payments, how much do you still owe on the vehicle? $21,617 $32,532 $19,740 $20,359

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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Question

You purchase a vehicle for $25,000 at an 8% APR. Your loan term is 72 months. After one year of making payments, how much do you still owe on the vehicle?

$21,617

$32,532

$19,740

$20,359

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