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Part 1 of 2 Points: 0 of 1 The cash price for furniture for all...

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Accounting

Part 1 of 2 Points: 0 of 1 The cash price for furniture for all rooms of a three-bed-room house is $3517. The furniture can be financed by paying $1000 down and $154 per month for 18 months. However, instead of making the sixth payment the borrower decides to pay the remaining balance and terminate the loan for the furniture. A. Use the actuarial method to determine how much interest will be saved by repaying the loan early. Saved Interest=S Number of Monthly Payments 6 12 18 24 30 Save Annual Percentage Rate (APRO 10.0 10.5% 11.4% 11.5% 12.4% 12.5% 1LAS (Finance charge per $100 of amount financed) 12.04 13.08 13.23 $3.39 $3.53 13.68 5.30 5.71 6.06 634 4.62 6.90 7.19 810 8.52 8.93 9.15 977 10.19 1041 10.75 11.30 11. 12.42 12.98 13.54 14.10 15.54 1624 16.95 17.66 18.71 19.57 20.43 21.30 14.13 14.83 16.16 17.01 17.6 QUE

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