Beverly borrowed $12,600.00 at a low interest rate of 2.2% compounded monthly for 3 years to pay off her credit card debt. After making 2 monthly payments of $362.00, she is ready to pay off the loan.Determine the payoff value of Beverly’s loan after making 2 monthly payments of $362.00.Calculate the amount Beverly saved by paying off her loan after making 2 monthly payments.
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Can you explain to me how to solve this equation?
Beverly borrowed $12,600.00 at a low interest rate of 2.2% compounded monthly for 3 years to pay off her credit card debt. After making 2 monthly payments of $362.00, she is ready to pay off the loan.Determine the payoff value of Beverly’s loan after making 2 monthly payments of $362.00.Calculate the amount Beverly saved by paying off her loan after making 2 monthly payments.
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