Math
posted by anthony .
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 thirtysixth 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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