Suppose that Daisy would like to pay off her car loan's remaining balance at the end of the second year (after 24 payments). What is Daisy's payoff amount?

$15,251.73

Explanation:

The full question is "Daisy just took out a $24,000 bank loan to help purchase her dream car. The bank offered a 5-year loan at a 6% APR. The loan will feature monthly payments and monthly compounding of interest. Suppose that Daisy would like to pay off her car loan's remaining balance at the end of the second year (after 24 payments). What is Daisy's payoff amount? "

PV = 24,000

Loan years = 5

Rate = 6%

Payoff after years = 2

Monthly payment = PMT(0.06/12, 12*5, -24,000)

Monthly payment = PMT(0.005, 60, -24,000)

Monthly payment = $463.99

Payoff Amount = FV(0.06/12, 12*2, $463.99, -24,000)

Payoff Amount = FV(0.005, 24, $463.99, -24,000)

Payoff Amount = $15,251.73

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