Question

Lucy Garcia took out a loan for $40,000 at 10 percent interest for 10 years. Her monthly payments are $528.60. She made payments for one year and has paid the principal down to $37,546.36. She now wants to repay the loan early. The loan specifies a $300 prepayment penalty if she pays the loan now. How much will she save by paying the loan early (round final answer to nearest dollar)?

Answer 1

below

Step-by-step explanation:

•$37,546.36. She now wants to repay the loan early. The loan specifies a $300 prepayment penalty if she pays the loan now. How much will she save by paying the loan early (round

•$37,546.36. She now wants to repay the loan early. The loan specifies a $300 prepayment penalty if she pays the loan now. How much will she save by paying the loan early (roundfinal answer to nearest dollar)?•

I hope it helps ^-^