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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