Question: Example 2 - Real-world Algebra Connection How much would the Grants in Example 1 save by paying off the loan early? Find the interest saved.

Example 2 - Real-world Algebra Connection How much would the Grants in Example 1 save by paying off the loan early? Find the interest saved. Interest Saved = Total Payback - (Sum of Previous Paymetns + Final Payment) Substitute given values. = (6 . $310.50) - [ (3 . $310.50) + $922.84] Multiply 3 - $310.50. = $1,863.00 - [ $931.50 + $922.84] Add inside brackets. $8. 66 = $1,863.00 - $1,854.34 They saved $8. 66. oncept Check omplete the problem. (From Example 1) You plan to finance the purchase of a $1,200 electric scooter with a 12-month loan at 12% interest with a balance of $816.04 after the fourth payment. What is the final payment amount if you pay off the loan with the fifth payment

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