Corey buys 10 Tufflift 4-post, 4.5-ton car hoists for his parking garage at a total cost of $432,000. He finances this with a five-year loan at 7.80% APR with monthly payments. After he has made the first 20 payments, how much is the outstanding principal balance on his loan?

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C) The first step is to calculate the monthly payment using a present value (PV) of $432,000, monthly interest rate of 11ea84dc_f573_f473_9a63_8b59fc52d35d_TB1316_11_TB1316_11 and 60 periods, 11ea84dc_f573_f474_9a63_6ded4b29d923_TB1316_11_TB1316_11 the second step is to use that monthly payment to calculate the present value (PV) of 20 months keeping the interest rate unchanged, 11ea84dc_f573_f475_9a63_9799aaf41e2e_TB1316_11_TB1316_11

Corey Buys 10 Tufflift 4-Post, 4