2.) Early repayment of a Loan: The cash price for a new washer and dryer...
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Accounting
2.) Early repayment of a Loan: The cash price for a new washer and dryer for Toshio Nakamura's new apartment was $1250. Toshio made a $100 down payment and financed the balance on a 24 -month fixed payment installment loan. The monthly payments are $50.71. Instead of making his 12th payment, Toshio decides to pay off the loan. a.) Determine the APR on the installment loan. b.) How much interest will Toshio save by paying off the loan early? c.) What is the total amount due to pay off the loan
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