Question

help please!

Answer 1

Xavier Martinez took out a $5,000 loan at 7.5% interest for reconstructing his patio. His monthly payment on the 12-month loan was $437.26. After 6 payments, the balance was $2,556.03. He paid off the loan with the next payment. What did he save by paying off the loan early?

(Hint: First calculate the payoff: Find the interest on the balance due and add it to the balance due. Add the amount of the first six payments to the payoff in month 7. Compare this total to the monthly payment multiplied by 12.)

a) 51.55 b) 67.53 c) 15.98 d) 42.74

Answer 2

omg marry me :DDD