9.) Ray Flagg took out a 60-month installment loan of $12000 to open a new pet store. He paid not money downand began making monthly payments of $221. Ray's business does better than expected and instead of makinghis 36thpayment, Ray wishes to repay his loan in full.a.) Determine the APR of the installment loan.b.) How much interest will Ray save by paying off his loan early?c.) What is the total amount due to pay off his loan?

The full form of APR is Annual Percentage Rate.It is the cost paid every year to borrow money,…

Answered: 9.) Ray Flagg took out a 60-month…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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