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You currently have a one-year-old loan outstanding on your car
You currently have a one-year-old loan outstanding on your car. You make monthly payments of $300. You have just made a payment. The loan has four years to go (i.e., it had an original term of five years). Show the timeline from your perspective. How would the timeline differ if you created it from the bank's perspective?
Expert Solution
From your perspective:
Loan life is 4 years or We can say 4 years*12 months = 48 months
Monthly Payments = $300
Month..... 0......1.......2........3......4..........48
Cash Flow.........-$300....-$300...-$300....-$300....-$300
From bank perspective:
Month..... 0......1.......2........3......4..........48
Cash Flow.........$300....$300...$300....$300....$300
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