You want to pay off the loan on your motorbike that you bought 23 months ago. Your monthly payment is 8,200 on a 3-year loan at an annual interest rate of 9%. Find the payoff amount (remaining balance).

You want to pay off the loan on your motorbike that you bought 23 months ago. Your monthly payment is 8,200 on a 3-year loan at an annual interest rate of 9%. Find the payoff amount (remaining balance).

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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You want to pay off the loan on your motorbike that you bought 23 months ago. Your monthly payment is 8,200 on a 3-year loan at an annual interest rate of 9%. Find the payoff amount (remaining balance).

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