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Marizza181 [45]
3 years ago
6

Xavier Martinez took out a $5,000 loan at 7.5% interest for reconstructing his patio. His monthly payment on the 12-month loan w

as $437.26. After 6 payments, the balance was $2,556.03. He paid off the loan with the next payment. What did he save by paying off the loan early?
A.) $51.55
B.) $15.98
C.) $67.53
D.) $42.74
Mathematics
2 answers:
Marat540 [252]3 years ago
5 0

Answer:  C. $67.53                

Step-by-step explanation:

Here the total amount of the loan = $ 5000

Interest rate = 7.5%

His monthly payment = $437.26

Since, if he pay off the loan in 12 months,

Then his total payment = 12\times 437.26 = 5247.12

And, if he pay off the loan in 7 month,

In which his total payment in 6 months =437.26\times 6= 2623.56

His payment in 7 month = $2556.03

Thus, the total payment he did =2623.56 + 2556.03 = $5179.59

Thus, his total saving = 5247.12 - 5179 = $67.53

Therefore, Option C is correct.

Norma-Jean [14]3 years ago
3 0
Paying off the entire loan = 12 * 437.26 = <span> <span> <span> 5,247.12 </span> </span> </span>
He paid 6 * 437.26 = <span> <span> <span> 2,623.56 </span> </span> </span>
He then paid 2,556.03

2,623.56  plus = 2,556.03 = <span> <span> <span> 5,179.59 </span> </span> </span>

<span> <span> 5,247.12 </span> minus </span><span>5,179.59 =
67.53 the amount of money he saved.

</span>
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