A truck costing $111,000 is paid off in monthly installments over four years with 8.10% APR. After three years the owner wishes to sell the truck. What is the closest amount from the following list that he needs to pay on his loan before he can sell the truck?

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C) The first step is to calculate the monthly payment using a present value (PV) of $111,000 monthly interest rate of 11ea84dc_f572_bbdd_9a63_91e40352e595_TB1316_11_TB1316_11 and 48 periods, 11ea84dc_f572_bbde_9a63_bd93b643dff4_TB1316_11_TB1316_11 the second step is to use that monthly payment to calculate the present value (PV) of 12 months remaining payment keeping the interest rate unchanged.

A Truck Costing $111,000 Is Paid Off in Monthly Installments