142k views
3 votes
Curtis took out a 30-year loan for $75,000 at an APR of 5.6%, compounded

monthly, and he is making monthly payments of $430.56. Assuming that his
balance is $29,863.54 with 7 years left on the loan, how much would he save
by paying off the loan 7 years early?

User Dermot
by
5.4k points

2 Answers

1 vote

Answer:

$6,303.50

Explanation:

User Mzoz
by
5.8k points
7 votes

He would save $6,303.50, that's how much I got with the formula.

User Alok P
by
5.2k points
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