Gino borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of

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Gino borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of $223.10. Instead of making his 24th payment, Gino decides to pay off the loan.

(a) Determine the APR of the installment loan.

(b) How much interest will Gino save (use the actuarial method)?

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A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

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Question Posted: Jan 28, 2019 07:10 AM

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Gino borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of

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7500 36 mo 22310 per mo 2231036 803160 803160 750000 53160 a 531607500100 709 In Table ...View the full answer

A Survey of Mathematics with Applications

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