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Ray Flagg took out a​ 60-month fixed installment loan of​ $12,000 to open a new pet...

Ray Flagg took out a​ 60-month fixed installment loan of​ $12,000 to open a new pet store. He paid no money down and began making monthly payments of ​$221. Ray's business does better than expected and instead of making his 30th ​payment, Ray wishes to repay his loan in full.

Determine APR= %

How much interest will Ray save by paying off the loan​ early? (Use the actuarial​ method)

Interest saved =

What is the total amount due to pay off the​ loan?

The total amount due =

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