Jocelyn Denot took out a $4,800 installment loan at 17% for 12 months for remodeling expenses. Her monthly payments were $437.78. After five payments, the balance due was $2,897.95. If Jocelyn pays off the loan with the sixth payment, how much will she save?

Question

Mathematics

Francisco Roach

5 October, 08:27

Jocelyn Denot took out a $4,800 installment loan at 17% for 12 months for remodeling expenses. Her monthly payments were $437.78. After five payments, the balance due was $2,897.95. If Jocelyn pays off the loan with the sixth payment, how much will she save?

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Answers (1)

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Carina Pena · Answer 1

Hi there

total payments

437.78*12

=5,253.36

If Jocelyn pays off the loan

437.78*5+2,897.95

=5,086.85

she will save

5,253.36-5,086.85

=166.51

Good luck!