Amount he needs to write check for to pay off the loan

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Reference no: EM131844011

Mitch just bought a new 2017 Fiat 500 pop. The price is 17200. He also pays 200 in fees and 6% sales tax on the price of the car (not on the fees). He will pay 10% of this total when he picks up the car and the rest will be financed over 60 months starting one month after he buys the car. Four years later, mitch decides to pay off the loan. Calculate the amount he needs to write a check for to pay off the loan. The annual nominal interest rate is 3.6%, convertible monthly.

Reference no: EM131844011

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