Use the Information for the Question(s) Below

question 61

Multiple Choice

Use the information for the question(s) below.
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 5.9% APR. Your monthly payments are $617.16 and you have just made your 24th monthly payment on your SUV.
-Assuming that you have made all of the first 24 payments on time,then the outstanding principal balance on your SUV loan is closest to:

• A) $31,250
• B) $20,300
• C) $19,200
• D) $32,000

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Definitions:

Strong Dollar

A situation where the U.S. dollar has a high value compared to other currencies, usually implying greater purchasing power in the international market.

Euro

A currency system utilized by 19 of the total 27 nations in the European Union, widely recognized as the eurozone.

Vacation

A period of time devoted to rest, relaxation, or travel, often taken away from work or daily responsibilities.

Stronger Dollar

A situation where the value of the U.S. dollar increases relative to other currencies in the global market, making imports cheaper and exports more expensive.