Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $79400 at a nominal rate of 6.125% per year compounded monthly, with uniform monthly payments starting one month from the date of purchase.
a. What were his monthly car payments?
b. After 24 months how much would he still owe?
c. He sold the car at the end of 36 months for $60,000. What was the payoff. (remember to add the last payment)
d. How much of his thirteenth payment was interest? $
e. How much of his thirteenth payment was equity? $