What is the payoff amount for the given scenarios

Reference no: EM132063588

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

Questions Cloud

What molecular diagnostic approach would you use : What molecular diagnostic approach would you use? Once you have identified the cause, what treatment will you develop

What is the balance of your loan : You purchased a car using some cash and borrowing $15,000 (the present value) for 50 monthly at 12% per year. Calculate the monthly payment (annuity).

What molecular events are happening inside the bacterial : What molecular events are happening inside the bacterial cell during the period from when the D-glucose is consumed until the culture starts growing again?

About accruals and cash flow : Provide one Truth and Myth about Accruals and Cash Flow. Explain whether you agree or disagree and why?

What is the payoff amount for the given scenarios : 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.

Provide a summary of the background or history of the artist : Provide a 1-2 page summary of the background or history of the artist. Next, pick one of his or her main works (songs or compositions).

What was the value of the interest tax shield : The company had an interest expense of $18,900. What was the value of the interest tax shield?

Determine T cost recovery deduction for the asset : T purchased a new 5 -year class asset on March 7, 2015. Determine T's cost recovery deduction for the asset for 2015 (no Sec. 179 election taken)

Small amount in vegetables : Odd numbered fatty acid are a minor class found in small amount in vegetables. Oxidation occurs in the same way except propionyl CoA and acetyl CoA

User Account

All Pages