What will be the loan payoff at that time

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Reference no: EM131625326

Paul Bunyan recently borrowed $20,000 to purchase a new car. The loan fully amortizes over 48 months. In other words, the loan has 48 fixed, end-of-month payments and the balance on the loan will be zero after the final monthly payment is made. The loan has an APR of 6%. Paul believes it is likely that he will decide to pay off the loan early, im- mediately after making the 36th monthly payment. What will be the loan payoff at that time?

Reference no: EM131625326

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