A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4 years. She decides to pay $527 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)$ How much extra did she pay per month? (Round your answer to the nearest cent.)$ (b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)$
A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4 years. She decides to pay $527 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)$ How much extra did she pay per month? (Round your answer to the nearest cent.)$ (b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)$
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4 years. She decides to pay $527 instead of the monthly payment required by the loan.
(a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)
$
How much extra did she pay per month? (Round your answer to the nearest cent.)
$
(b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.)
payments
(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)
$
$
How much extra did she pay per month? (Round your answer to the nearest cent.)
$
(b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.)
payments
(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)
$
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