Rolph purchased a car four (4) years ago for $41,200. The en…
Rolph purchased a car four (4) years ago for $41,200. The entire purchase price was financed with an automobile loan that requires him to make monthly payments equal to $555.60 for another three (3) years. The annual percentage rate (APR) on the loan is 3.6 percent, compounded monthly. How much does Rolph currently owe on his automobile loan? Rolph made his most recent monthly payment earlier today. ___________________________________________________________________________________________________________________ Following are helpful formulas for this question/problem. All the formulas provided might not be required to solve the problem.