Two years ago you purchased a new SUV. You financed your SUV for 60 months...
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Finance
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 6.3% APR. Your monthly payments are $625 and you have just made your 24th monthly payment on your SUV.
a) What is the amount of your original loan?
b) Assuming that you have made all of the first 24 payments on time, what is the outstanding principal balance on your SUV loan?
c) Assuming that you have made all of the first 24 payments on time, then how much interest have you paid over the first two years of your loan?
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