Suzie purchased a nice car when she graduated (two years ago) for $28,000. Similar cars are now selling for $12,000. She has kept up with the maintenance and has noticed that the maintenance costs approximately $35 per month. She makes monthly car payments on a $25,000 loan, at 6.5% annual interest over 72 month.
Compute Suzie Jo’s monthly car payments and figure out what the ending principal balance is on the loan at the end of the second year.