Multiple Choice
Solve the problem. Use an annual percentage rate table if necessary.
-Sarah Yost took out a 48-month fixed installment loan of $17,000 to open a gift shop. She began Making monthly payments of $423.05. Sarahʹs business does better than expected and instead of Making her 12th payment, Sarah decides to repay her loan in full. How much interest will Sarah Save (use the actuarial method) ?
A) $1872.84
B) $1926.35
C) $2205.29
D) $1907.97
Correct Answer:
Verified
Correct Answer:
Verified
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