Multiple Choice
Use the information for the question(s) below.
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 5.9% APR. Your monthly payments are $617.16 and you have just made your 24th monthly payment on your SUV.
-Assuming that you have made all of the first 24 payments on time,then the outstanding principal balance on your SUV loan is closest to:
A) $31,250
B) $20,300
C) $19,200
D) $32,000
Correct Answer:
Verified
Correct Answer:
Verified
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