Nina buys a new utility sports vehicle for 32,000 dollars. She trades in her old truck and received 10,000 dollars, which she uses as a down payment. She finances the balance at 8% APR over 36 months. Before making her 24th payment, she decides to pay off the loan. How much interest will Nina save by paying off the loan early.

Nina buys a new utility sports vehicle for 32,000 dollars. She trades in her old truck and received 10,000 dollars, which she uses as a down payment. She finances the balance at 8% APR over 36 months. Before making her 24th payment, she decides to pay off the loan. How much interest will Nina save by paying off the loan early.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter8: Vehicle And Other Major Purchases

Section: Chapter Questions

Problem 1FPC

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