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Mary Smith took a car loan of $33,000 to pay back in 36 monthly installments at an interest rate of 18%. Compute the loan balance immediately after the 24th payment.

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Answer:

$13,013

Explanation:

Mary's monthly payment = principal / PV annuity factor

principal = $33,000

PV annuity factor, 1.5%, 36 periods = 27.6607

monthly payment = $33,000 / 27.6607 = $1,193.0284 ≈ $1,193.03

I prepared an amortization schedule using excel to determine the loan balance after the 24th payment = $13,013

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