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
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
The number of payment completed = 12
Balance = $37,546.36
Penalty for prepayment = 300
The amount of prepayment is
The amount saved due to early payment is
The amount saved due to early payment is $19,242
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