An engineering student bought a car at a local used car lot. Including tax and insurance, the total
price was $1500. He was to pay for the car in 12 equal monthly payments beginning with the first
payment immediately (in other words, the first payment was the down payment). Interest on the
loan is at 12% compounded monthly. After he made six payments (the down payment plus five
additional payments), he decides to sell the car. A buyer agrees to pay a cash amount to pay off
the loan in full at the time the next payment is due, and also to pay the engineering student $500.
If there are no penalty charges for this early payment of the loan, how much will the car cost the
new buyer ?
This question was answered on: Sep 21, 2023
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