Essay
George wants to borrow $30,000 to purchase a car.After looking at a monthly budget he realizes that all he can afford to pay per month is $350.The dealership is offering a 4.77% loan.When George hears how much interest he will pay over the life of the loan,he decides to cut back on his entertainment expenses and pay $400 per month.How much in interest will George save by paying an extra $50 per month? Hint: Round any loan length calculations to the nearest quarter of a year.
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Find the length of the loan with a $350 ...View Answer
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