What is the minimum price hank would need to receive

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Problem 1: Hank purchased a $28,000 car two years ago using an 8 percent, 5-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What is the minimum price Hank would need to receive for his car?

Problem 2: Using the same data that is in problem 1, how much principle did Hank pay during the 12 months he had his car?

Reference no: EM132663561

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