1. inez alexander has a car loan of $425 per month at 5.5% annual interest rate. she would like to pay off the car one year early. about how much will her payoff be?

2. angelo gomez has a car loan of $315 per month at 6% annual interest rate. he would like to pay off the car two years early. about how much will his payoff be?

Hi there

The formula of the present value of annuity ordinary is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv ?
PMT payment per month
R interest rate
K compounded monthly 12 because the payment is monthly
T time

For the first question
Pv=425×((1−(1+0.055÷12)^(−12
×1))÷(0.055÷12))=4,951.26...answer

For the second question
Pv=315×((1−(1+0.06÷12)^(−12
×2))÷(0.06÷12))=7,107.30answer

Good luck!

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