What is the payoff amount for the given scenarios

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Question: When you purchased your car , you took out five-year annual payment loan with an interst rate of 6.4 % per year, the annual payment on the car is 5,300, you have just made a payment and have now decidedto pay off loan by repaying the outstanding balance. What's the payoff amount for the following scenarios?

1- you have owned acarfor one year (so thereare 4 years left on the car)?

2- you have owned acarfor four years (so there is one year left on the car)?

Reference no: EM132063588

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