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?

No one has answered this question yet.

Answer this Question

Related Questions

Business math - The Morrison family bought a car for $22,000 was which was ...
Business Math - Can someone please check over my answers? I'm not sure about...
Math - The morrison family bought a car for $22,000 which was financed at $600 ...
Albebra - You want to buy a car but the price of $22000 is a bit steep. You are ...
Economics - When Burton Cummings graduated with honors from the Canadian ...
Economics - When Burton Cummings graduated with honors from the Canadian ...
algebra - the spreadsheet shows the monthly revenue and expenses for a new ...
math - Determine the down payment and the amount to be financed for each home ...
geometry - you are planning on purchasing a new car and have your eye on a ...
consumer math - You owe $1,350.00 on a credit card with a 14.25% APR. You pay $...

For Further Reading

First Name:
School Subject:
Answer: