Question

A retired couple buys a new recreational vehicle​ (RV) for $ 54 comma 000.00. They make a down payment of​ $13,000 and finance the balance at​ 9.0% APR over 60 months. Before making the 36th ​payment, the couple decides to pay the remaining balance on the loan. How much interest will the couple save​ (use the actuarial​ method)?

Answer 1

Answer:

Interest saved by the couple = $3497.12

The answer and procedures of the exercise are attached in the following archives.

Explanation:

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