You borrowed 25,000 two years ago. The loan terms are: 5-year loan with APR of 12%...

 

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You borrowed 25,000 two years ago. The loan terms are: 5-year loan with APR of 12% and with monthly payments of $556.11. Today, you decided you want to pay off the loan in 1 year rather than the remaining life of the loan. How much more do you have to add to your monthly payment in order to accomplish it (answer is rounded to the nearest dollar)? a) $1,320 b) $931 c) $232 d) $546 e) $1,160 Of) $551 O g) $1,251 h) $409 D You borrowed 25,000 two years ago. The loan terms are: 5-year loan with APR of 12% and with monthly payments of $556.11. Today, you decided you want to pay off the loan in 1 year rather than the remaining life of the loan. How much more do you have to add to your monthly payment in order to accomplish it (answer is rounded to the nearest dollar)? a) $1,320 b) $931 c) $232 d) $546 e) $1,160 Of) $551 O g) $1,251 h) $409 D

Answer rating: 100% (QA)

Amount borrowed two year ago 25000 Today after two year after taking loan Calculating the Outs... View the full answer