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A retired couple buys a new recreational vehicle​ (RV) for $ 54 comma 000.00. They make a down payment of​ $13,000 and finance the balance at​ 9.0% APR over 60 months. Before making the 36th ​payment,
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A retired couple buys a new recreational vehicle​ (RV) for $ 54 comma 000.00. They make a down payment of​ $13,000 and finance the balance at​ 9.0% APR over 60 months. Before making the 36th ​payment, the couple decides to pay the remaining balance on the loan. How much interest will the couple save​ (use the actuarial​ method)?

User Thadeuse
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Answer:

Interest saved by the couple = $3497.12

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

A retired couple buys a new recreational vehicle​ (RV) for $ 54 comma 000.00. They-example-1
A retired couple buys a new recreational vehicle​ (RV) for $ 54 comma 000.00. They-example-2
User Ryan Tse
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