Max will take out an easy access loan for $490. He would like to pay off the palance in three months. How much interest would Max save if he pays if he pays on he balance in three months rather than 9 months? (You do NOT need the online calculator for this question!) Loan Term (months) 3 Annual Interest Rate (%) 8.75 Monthly Payment ($) 165.72 9.00 9.25 83.82 56.56 42.96 9. 12 9.50

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Max will take out an easy access loan for $490. He would like to pay off the
balance in three months. How much interest would Max save if he pays if he pays off
the balance in three months rather than 9 months?
(You do NOT need the online calculator for this question!)
Monthly Payment
Loan Term
(months)
3
6
Annual Interest Rate
(%)
8.75
9.00
9.25
165.72
83.82
56.56
42.96
12
9.50
if he pays off the balance in three months.
Max will save $
1
4.
5.
6.
7
earch
II
Transcribed Image Text:Max will take out an easy access loan for $490. He would like to pay off the balance in three months. How much interest would Max save if he pays if he pays off the balance in three months rather than 9 months? (You do NOT need the online calculator for this question!) Monthly Payment Loan Term (months) 3 6 Annual Interest Rate (%) 8.75 9.00 9.25 165.72 83.82 56.56 42.96 12 9.50 if he pays off the balance in three months. Max will save $ 1 4. 5. 6. 7 earch II
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