What is the balance remaining to pay on the loan

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Reference no: EM132176413

Question -

1. George Costanza has just taken out an $23,604.00, 60-month car loan from his local bank with a 6.12% interest rate compounded monthly. At the end of the second year, George plans on making a $2,279.00 payment directly to the loan's principal and then to keep on making his regular monthly payments. What is the balance remaining to pay on the loan after two years?

2. George Costanza has just taken out an $23,604.00, 60-month car loan from his local bank with a 6.12% interest rate compounded monthly. At the end of the second year, George plans on making a $2,279.00 payment directly to the loan's principal and then to keep on making his regular monthly payments. What is the balance remaining on the loan after the extra payment to principal is made?

3. A couple saves $500.00 per month (end of month) for 40.00 years. They can earn 6.00% annual interest with monthly compounding on this account. The couple wants their retirement account to last for 25.00 years. When they retire, they will move their savings into a money market fund that pays 2.40% annual interest with monthly compounding. What is the value of this account when they retire?

Reference no: EM132176413

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