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Assume you have a student loan that you will pay off in 10 years How...

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Basic Math

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Assume you have a student loan that you will pay off in 10 years How much will you save in interest if you refinance at the new rate Use the accompanying table of monthly payments on a 1 000 loan Amount of Loan 22 000 Original Rate 12 Click the icon to view a table of monthly payments on a 1 000 loan The total savings in interest will be Round to the nearest cent as needed New Rate 5 H Monthly Payment on a 1 000 loan Annual Interest Rate 4 5 6 8 10 12 3 29 53 29 97 30 42 31 34 32 27 33 21 T Number of Years for the Loan 4 10 20 22 58 10 12 6 06 23 03 10 61 6 60 23 49 11 10 24 41 12 13 25 36 13 22 26 33 14 35 7 16 8 36 9 65 11 01 T E 30 4 77 5 37 6 00 7 34 8 78 10 29 X

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