A Xerox DocuColor photocopier costing $44,000 is paid off in 60 monthly installments at 6.90% APR. After three years the company wishes to sell the photocopier. What is the minimum price for which they can sell the copier so that they can cover the cost of the balance remaining on the loan?

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A) The first step is to calculate the monthly payment using a present value (PV) of $44,000 monthly interest rate of 11ea84dc_f572_94cb_9a63_17942737c653_TB1316_11_TB1316_11 and 60 periods, 11ea84dc_f572_94cc_9a63_8335fa9d3745_TB1316_11_TB1316_11 the second step is to use that monthly payment to calculate the present value (PV) of 24 months remaining payment keeping the interest rate unchanged.

A Xerox DocuColor Photocopier Costing $44,000 Is Paid Off in 60