Bill has a 48-month installment loan with a fixed monthly payment of $176.14. The amount borrowed was
Question:
Bill has a 48-month installment loan with a fixed monthly payment of $176.14. The amount borrowed was $7500. Instead of making his 24th payment, Bill is paying the remaining balance on the loan.
(a) Determine the APR of the installment loan.
(b) How much interest will Bill save, computed by the actuarial method?
(c) What is the total amount due to pay off the loan?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Question Posted: