13. Emile bought a car for $24,000 three years ago. The loan had a 5 year term at 3% interest

rate, making monthly payments. How much does he still owe on the car?

Answer:The answer is $11, 040

Step-by-step explanation:

First find the total amount in 5 years

Using SI = prt/100

=24000 * 3 * 5

= 360000/100

= 3600

In 5yrs he pays

24000 + 3600

= 27,600

Hence, his monthly payment

= 27600 / 5 * 12

= 27600/60

= $460

In 3 years he paid

$460 * 3 (12)

$460 * 36

= $16,560

Therefore remaining balance

= $27,600 - $16, 560

= $11, 040