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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