Answer:The answer is $11, 040
Step-by-step explanation:
First find the total amount in 5 years
Using SI = prt/100
=24000 * 3 * 5
= 360000/100
= 3600
In 5yrs he pays
24000 + 3600
= 27,600
Hence, his monthly payment
= 27600/ 5* 12
= 27600/60
= $460
In 3 years he paid
$460 * 3(12)
$460 * 36
= $16,560
Therefore remaining balance
= $27,600 - $16, 560
= $11, 040
