Gino borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of
Question:
Gino borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of $223.10. Instead of making his 24th payment, Gino decides to pay off the loan.
(a) Determine the APR of the installment loan.
(b) How much interest will Gino save (use the actuarial method)?
(c) What is the total amount due to pay off the loan?
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7500 36 mo 22310 per mo 2231036 803160 803160 750000 53160 a 531607500100 709 In Table ...View the full answer
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Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Question Posted:
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