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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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  1. 5 October, 09:17
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    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!
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