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HELP Kim Murphy has a car loan of $550 per month at 4% annual interest rate. About how much will she save if she pays the car off two years early? A=M⎛⎝1−1(1+m)q⎞⎠m A. $90.00 B. $180.00 C. $530.00 D. $1,
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HELP

Kim Murphy has a car loan of $550 per month at 4% annual interest rate. About how much will she save if she pays the car off two years early?
A=M⎛⎝1−1(1+m)q⎞⎠m
A. $90.00
B. $180.00
C. $530.00
D. $1,100.00

User Chanpkr
by
7.9k points

1 Answer

4 votes
550×((1−(1+0.04÷12)^(−12
×2))÷(0.04÷12))
=12,666

550×(24months)−12,666
=534 saved
User Hane Smitter
by
7.9k points
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