Question: Enter ONLY a numerical answer rounded to the nearest cent. DO NOT include any other symbols, just numbers and the decimal. If any other notation
Enter ONLY a numerical answer rounded to the nearest cent. DO NOT include any other symbols, just numbers and the decimal. If any other notation is entered, it will be marked incorrect. A plot of land is for sale at $45,000 and the Gails decide to purchase it at 2% add-on interest for 15 years resulting in a $325 monthly payment. After making their 14th year payment, they decide to pay-off their loan with 12 payments remaining. How much interest will they save based on the Rule of 78?
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
