ou take out a 6-year amortized loan to buy a new car. After making monthly payments of $242.30 for 4 years, you still owe $5309. If you decided to pay the loan off, how much will you save in interest?
ou take out a 6-year amortized loan to buy a new car. After making monthly payments of $242.30 for 4 years, you still owe $5309. If you decided to pay the loan off, how much will you save in interest?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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You take out a 6-year amortized loan to buy a new car. After making monthly payments of $242.30 for 4 years, you still owe $5309. If you decided to pay the loan off, how much will you save in interest?
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