You have just made your 15th payment what is the, Finance Basics

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You have just made your 15th payment what is the

Question: Please explain how you reached the answer and show your mathematical calculations.

You bought a $42,000 car. The 5-year loan has an APR of 5.7% (with monthly compounding).

a. What is the monthly payment on the loan? Please show calculations and not just results.

b. You have just made your 15th payment. What is the outstanding balance on the loan? Think about the present value of the remaining payments. Please show calculations and not just results.

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