Bozo decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per month when will the loan be paid off, and how much interest will be saved? TVM FORMULA

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A: Loan amount = $ 65000 Annual interest rate = 6% Period = 5 Years

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Q: Please step by step solutions

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A: Present value of annuity would give the price of annuity to be paid.

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