Bill has a 48-month installment loan with a fixed monthly payment of $176.14. The amount borrowed was

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Bill has a 48-month installment loan with a fixed monthly payment of $176.14. The amount borrowed was $7500. Instead of making his 24th payment, Bill is paying the remaining balance on the loan.

(a) Determine the APR of the installment loan.

(b) How much interest will Bill save, computed by the actuarial method?

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A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

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Question Posted: Jan 28, 2019 06:53 AM

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Bill has a 48-month installment loan with a fixed monthly payment of $176.14. The amount borrowed was

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48 mo 17614mo 7500 24 payments a 1761448 845472 845472 7500 95472 954727500100 1273 From Ta...View the full answer

A Survey of Mathematics with Applications

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