Solved: Discuss desire to pay remainder of loan in a single payment, Microeconomics

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Discuss desire to pay remainder of loan in a single payment

Assignment:

You borrowed $15,000 for buying a new car from a bank at an interest rate of 12% compounded monthly. This loan will be repaid in 48 equal monthly installments over four years. Immediately after the 20th payment, you desire to pay the remainder of the loan in a single payment.

Compute this lump-sum amount of that time.

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Microeconomics: Discuss desire to pay remainder of loan in a single payment

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