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Art [367]
1 year 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)?
Mathematics
1 answer:
KonstantinChe [14]1 year 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

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