Hank purchased a car for $20,500 two years ago using a 4-year loan with an interest rate of 6.0 percent. He has decided that he would sell the car now if he could get a price that would pay off the...

Hank purchased a car for $20,500 two years ago using a 4-year loan with an interest rate of 6.0 percent. He has decided that he would sell the car now if he could get a price that would pay off the balance of his loan.

What’s the minimum price Hank would need to receive for his car? Calculate his monthly payments, then use those payments and the remaining time left to compute the present value (called balance) of the remaining loan.(Do not round intermediate calculations and round your final answer to 2 decimal places.)

Minimum Price = $_____.__