Question: How much sooner will a $65,000 loan at 7.2% compounded monthly be paid off if the monthly payments are $625 instead of $600? What will
How much sooner will a $65,000 loan at 7.2% compounded monthly be paid off if the monthly payments are $625 instead of $600? What will be the approximate saving in (nominal) interest costs over the life of the loan? I'm having specific issues with "What will be the approximate saving in (nominal) interest costs over the life of the loan and how to solve it (specifically using TVM on the calculator if possible). Thank you
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