Solve the Problem

question 138

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-Enrique has a 60-month fixed installment loan, with a monthly payment of $50.69. The amount he Borrowed was $2500. Instead of making his 36th payment, Enrique is paying the remaining Balance on the loan. How much interest will Enrique save (use the actuarial method) ?

• A) $91.73
• B) $95.72
• C) $103.90
• D) $96.86

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Definitions:

Weight (Grams)

A measurement of mass in the metric system, often used to quantify the heaviness of small objects.

Total Sales

The collective amount of revenue generated from goods or services sold by a company within a specific period.

Profits

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes.

Millions of \$

A numerical measure or quantity denoted in units of a million dollars, often used in financial contexts.