A student needs to borrow $7,000 to pay for college. She can get the loan at an APR of 9.25% to be paid off in monthly installments over the next 4 years.

If she decides to pay the loan off in monthly installments over 3 years instead of 4 years at the given APR, how much money will she save altogether? Round your answer to the nearest cent.)

Answer rating: 100% (QA)

To calculate the monthly installment for a 7000 loan at an APR of 925 to be paid off in 4 years we c... View the full answer