Question

Jim has 24 payments remaining on a $25,000 auto loan that was financed for 60 months at an APR of 5%. How much would Jim have to pay today to satisfy the debt if his payments are $471.78 per month?

Answer 1

$11178.20

Explanation:

You need to divided the APR/ 12, to know the monthly rate. You have to multiplicate the debt by the monthly rate, the add them. Then substract 471.78 (monthly payment). And repet the procces until the month 36.

You may use an excel sheet to make a table to calculate the payment rmaining.