Search Jeslie Ann has a 48-month installment loan with a fixed monthly payment of
$85.80. The amount she borrowed was $3800. Instead of making her 12th
payment, Jeslie Ann is paying off the remaining balance of the loan. Answer
parts a) through c) below.
4.0%
Number
of
Payments
30
5.25
6.29
8.38
48
a) Determine the APR on the installment loan
APR = 1%
(Type an integer or a decimal.)
b) How much interest will Jeslie Ann save by paying off the loan early?
Jeslie Ann will save $
(Round to the nearest cent as needed.)
c) What is the total amount due to pay off the loan?
The payoff amount is $
(Type an integer or a decimal)
Enter your answer in each of the answer boxes.