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Calculate the outstanding balance

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Question - Suppose you decide to purchase a car that has a case sale price of $60,000 through bank financing. Based on the sale price of the car, your loan contract requires a down payment of $6000 and the balance to be paid at the beginning of each month for the period of 5 years at j12=12% per annum. Calculate the outstanding balance on the 4th year, that is just after making your 48th payment.

Reference no: EM133022984

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