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A recent college graduate buys a new car by borrowing $22,000 at 8.4%, compounded monthly, for...

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Advance Math

A recent college graduate buys a new car by borrowing $22,000 at8.4%, compounded monthly, for 4 years. She decides to pay $552instead of the monthly payment required by the loan.

(a) What is the monthly payment required by the loan? (Roundyour answer to the nearest cent.)
$  

How much extra did she pay per month? (Round your answer to thenearest cent.)
$  

(b) How many $552 payments will she make to pay off the loan?(Round your answer up to the next whole number.)
payments

(c) How much will she save by paying $552 per month rather than therequired payment? (Round your answer to the nearest cent.)
$

Answer & Explanation Solved by verified expert
4.1 Ratings (736 Votes)
L22000r84 0084n12 for monthly compoundt4 yearsmonthlypaymentbut she decided to pay    See Answer
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