Jamie has a three-year, $12,000 car loan. The annual interest rate is 6%, and his

Chapter 11, Problem 6

(choose chapter or problem)

Jamie has a three-year, $12,000 car loan. The annual interest rate is 6%, and his monthly payment is $365.06. After twelve months, he receives an inheritance which he wants to use to pay off the loan. How much does he owe at that point?

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