If he paid off 3 years early, he would save amount of $376.36
What is compound interest?
Compound interest is defined as the interest you earn on interest.
For example if you have $100 and it earns 5% interest each year, you'll have $105 at the end of the first year. At the end of the second year, you'll have $110.25.
The amount after a compound interest is expressed as:
A = 60000(1.0022)
A = $ 101570.29
FOR 17 years
A = 60000(1.0026)
A = $101906.65
Therefore the amount saved will be
$101906.65-$101906.65 = $376.36