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A car loan |
2009-05-06 |
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Cindy pose la question :
A person takes out a car loan in the amount of $11,170.00 @ 4.5% interest. The person makes 17 payments of $500.00, then for the 18th payment (this person 'finds' some $) and pays off the whole thing. How much was their last (18th) payment? How much overall did they pay in principle? and interest?
The person who made the initial loan then takes $11,156.25 and places it into a High Interest Savings Account @ 2.25% annually on Nov 18, 2003. How much is now in the High Interest Savings Account if no futher funds have been added to the account and no withdrawls have been made?
Thanks for your help with this. I have been trying on and off for 3 years to figure this out.
C
Robert Dawson lui répond. |
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