Priya has a $36,000 car loan at 18% for 36 months, on which she makes monthly payments of $1,301.49. After making her 15th payment, she wants to know the amount to pay the loan off. What is the payoff for Priya after her 15th payment?
Added by Miriam S.
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The annual interest rate is 18%, so the monthly interest rate is: \[ \text{Monthly Interest Rate} = \frac{18\%}{12} = 1.5\% = 0.015 \] Show more…
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