Ask question

Ask question

All categories

2 years ago

7

Lucy Garcia took out a loan for $40,000 at 10 percent interest for 10 years. Her monthly payments are $528. 60. She made payment

s for one year and has paid the principal down to $37,546. 36. She now wants to repay the loan early. The loan specifies a $300 prepayment penalty if she pays the loan now. How much will she save by paying the loan early (round final answer to nearest dollar)?

1 answer:

KonstantinChe [14]2 years ago

8 0

The amount saved due to early payment is $19,242

Data;

Monthly payment = 528.60
Number of payment = 10 years * 12 = 120
Total payment if not prepaid = 528.60 * 120 = $63,432

<h3>Total Payment for the whole term</h3>

The total payment for the whole term is the equal to the product of monthly payment and the number of payment as calculated above.

The total amount in cash in case of prepayment is

$total amount in case of prepayment = monthly payment * number completed + balance + penalty$

The number of payment completed = 12

Balance = $37,546.36

Penalty for prepayment = 300

The amount of prepayment is

$528.60 * 12 + 37546.36 + 300 = 44,189.56$

The amount saved due to early payment is

$63432 - 44189.56 = 19,242$

The amount saved due to early payment is $19,242

Learn more on payment plans here;

brainly.com/question/251701

You might be interested in

Anyone got tips for making friends in school?

elena-14-01-66 [18.8K]

Answer:

dam well try to join in conversations and well be yourself not like nerd let yourself feel new things and act cool not like really clingy or to happy.

Step-by-step explanation:

6 0

3 years ago

Read 2 more answers

Suppose that in a certain part of the world, in any 50-year period the probability of a major plague is .39, the probability of

antiseptic1488 [7]

<span>Answer: P(famine | plague) = P(famine and plague) / P(plague) = (0.15) / (0.39) = 0.385</span>

4 0

3 years ago

h.) How many different ways can Johnny place an algebra book, a geometry book, a chemistry book, an English book, and a health b

Nady [450]

Answer:

5!

Step-by-step explanation:

take algebra book. it can be placed first or 2nd or 3rd or 4th or last. so 5 different ways. but geometry book will be arranged in 4 ways, since algebra book is already arranged.

$5p5$

5!/0!= 5! = 120

7 0

3 years ago

PLEEEASSSSEEEEE HELPPPP!!!! A rectangular prism has a length of 12 in., a width of 5 in., and a height of 4 1/4 in. The prism is

Aleonysh [2.5K]

Answer:

16320

solution: 12 / 1/4 = 3.

4 divided by 1/4 = 20

4 1/4 divided by 1/4 = 17.

3 x 20 x 17 =

the answer is 16320.

3 0

4 years ago

The length of a rectangle is increasing at a rate of 6 cm/s and its width is increasing at a rate of 5 cm/s. When the length is

Rudiy27

Answer:

Area of the rectangle is increasing with the rate of 84 cm/s.

Step-by-step explanation:

Let l represents the length, w represents width, t represents time ( in seconds ) and A represents the area of the triangle,

Given,

$\frac{dl}{dt}=6\text{ cm per second}$

$\frac{dw}{dt}=5\text{ cm per second}$

Also, l = 12 cm and w = 4 cm,

We know that,

A = l × w,

Differentiating with respect to t,

$\frac{dA}{dt}=\frac{d}{dt}(l\times w)$

$=l\times \frac{dw}{dt}+w\times \frac{dl}{dt}$

By substituting the values,

$\frac{dA}{dt}=12\times 5+4\times 6$

$=60+24$

$=84$

Hence, the area of the rectangle is increasing with the rate of 84 cm/s.

3 0

3 years ago