Pay off the loan by paying the outstanding balance

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Reference no: EM131981461

When you purchased your? car, you took out a? five-year annual-payment loan with an interest rate of 6.0% per year. The annual payment on the car is $5,000. You have just made a payment and have now decided to pay off the loan by paying the outstanding balance. What is the payoff amount for the following? scenarios?

a. You have owned the car for one year? (so there are four years left on the? loan)?

b. You have owned the car for four years? (so there is one year left on the? loan)?

Reference no: EM131981461

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