Multiple Choice
Solve the problem. Use an annual percentage rate table if necessary.
-Enrique has a 60-month fixed installment loan, with a monthly payment of $44.49. The amount he borrowed was $2000. Instead of making his 24th payment, Enrique is paying the remaining balance
On the loan. How much interest will Enrique save (use the actuarial method) ?
A) $254.86
B) $313.44
C) $259.17
D) $262.14
Correct Answer:
Verified
Correct Answer:
Verified
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