You buy a car for $30,000 on monthly installment payments for 5 years. The discount rate is 6%. After 30 months, you decided to upgrade to a new fully equipped car, loaded with all options. The new car costs $60,000.
In order to buy a new car, you must first payoff the outstanding balance on the old car. What do you owe to the bank?
Please explain how to solve on the BAII Plus