Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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using the rule of 78s.
Dallas Wright took out a 48-month fixed installment loan of $6500 to purchase a new all-terrain vehicle (ATV). He began making monthly payments of $227.50. Instead of making his 25th payment, Dallas decides to repay his loan in full. How much interest will Dallas save?
a.
$2562.86
b.
$1037.35
c.
$45.38
d.
$991.37
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