To purchase the car, you borrow $26,500 from the friend at 15%/year compounded monthly for four years. You plan to repay loan with 60 equal monthly payments.
i) How much are monthly payments?
ii) How much interest is in 23rd payment?
iii) Find remaining balance after 37th payment?
iv) Three and one-half years after borrowing money, you make decision to pay off loan. You have not yet made payment due at that time. Determine payoff amount for loan?