Ray Flagg took out a 60 month fixed installment loan of 12 000 to open...

60.1K

Verified Solution

Question

Basic Math

Ray Flagg took out a 60 month fixed installment loan of 12 000 to open a new pet store He paid no money dow and began making monthly payments of 221 Ray s business does better than expected and instead of making h 30th payment Ray wishes to repay his loan in full Complete parts a through c Click the icon to view the table of interest rates TEEN a Determine the APR of the installment loan APR 4 b How much interest will Ray save by paying off the loan early Use the actuarial method Interest saved Round to the nearest cent

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

Ray Flagg took out a 60 month fixed installment loan of 12 000 to open a new pet store He paid no money dow and began making monthly payments of 221 Ray s business does better than expected and instead of making h 30th payment Ray wishes to repay his loan in full Complete parts a through c Click the icon to view the table of interest rates TEEN a Determine the APR of the installment loan APR 4 b How much interest will Ray save by paying off the loan early Use the actuarial method Interest saved Round to the nearest cent