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9) Rohan used a fixed installment loan from his bank to buy new living room furniture....

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Finance

9) Rohan used a fixed installment loan from his bank to buy newliving room furniture. He borrowed $9250 and has 48 monthlypayments of $230.19 each. a. Find the APR of the loan. b. Insteadof making his 18th payment, Rohan decides to pay the remainingbalance on the loan. How much interest will Rohan save?

Answer & Explanation Solved by verified expert
4.0 Ratings (551 Votes)
1 Using hit and trial in excel worksheet in the given formatbelow APR can be calculatedIn this case APR 92 If Rohan decides to pay the remaining balance of loan at thetime of making his 18th payment he will be able to save 790For calculations please refer screenshots belowPrincipal    See Answer
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Transcribed Image Text

9) Rohan used a fixed installment loan from his bank to buy newliving room furniture. He borrowed $9250 and has 48 monthlypayments of $230.19 each. a. Find the APR of the loan. b. Insteadof making his 18th payment, Rohan decides to pay the remainingbalance on the loan. How much interest will Rohan save?

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