A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4 years. She decides to pay $527 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)$ How much extra did she pay per month? (Round your answer to the nearest cent.)$ (b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)$
A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4 years. She decides to pay $527 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)$ How much extra did she pay per month? (Round your answer to the nearest cent.)$ (b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)$
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4 years. She decides to pay $527 instead of the monthly payment required by the loan.
(a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)
$
How much extra did she pay per month? (Round your answer to the nearest cent.)
$
(b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.)
payments
(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)
$
$
How much extra did she pay per month? (Round your answer to the nearest cent.)
$
(b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.)
payments
(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)
$
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