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 $44.49. The amount he borrowed was $2000. Instead of making his 24th payment, Enrique is paying the remaining balance
On the loan. How much interest will Enrique save (use the actuarial method) ?

• A)$254.86
• B)$313.44
• C)$259.17
• D)$262.14