Ray Flagg took out a 60 month fixed installment loan of 12 000 to open a new pet store He paid no money dow and began making

Question

Ray Flagg took out a 60 month fixed installment loan of 12 000 to open a new pet store He paid no money dow and began making monthly payments of 221 Ray s business does better than expected and instead of making h 30th payment Ray wishes to repay his loan in full Complete parts a through c Click the icon to view the table of interest rates TEEN a Determine the APR of the installment loan APR 4 b How much interest will Ray save by paying off the loan early Use the actuarial method Interest saved Round to the nearest cent

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