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August 29, 2015

Homework Help: Math

Posted by anthony on Wednesday, December 2, 2009 at 1:32am.

The cost of a new car is $16,000, which can be financed by
paying $3000 down $300 per month for 60 months.
Use the actuarial method to find the unpaid interest.
Instead of making the thirty-sixth payment, the borrower
decides to pay the remaining balance and terminate the loan
for the car.
How much interest is saved by repaying the loan early?

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