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simon's cost for a new computer with accessories was $3120. he made a down payment of $550 in finance the balance on a 24 month fixed payment installment loan. The monthly payments are $111.73. Instead of making his 18th payment, Simon decides to pay the total remaining balance and terminate the loan. How much is interest will Simon save?

simon's cost for a new computer with accessories was $3120. he made a down payment of $550 in finance the balance on a 24 month fixed payment installment loan. The monthly payments are $111.73. Instead of making his 18th payment, Simon decides to pay the total remaining balance and terminate the loan. How much is interest will Simon save?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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simon's cost for a new computer with accessories was $3120. he made a down payment of $550 in finance the balance on a 24 month fixed payment installment loan. The monthly payments are $111.73. Instead of making his 18th payment, Simon decides to pay the total remaining balance and terminate the loan. How much is interest will Simon save? Simon will save $_ in interest. round to nearest cent
Transcribed Image Text:simon's cost for a new computer with accessories was $3120. he made a down payment of $550 in finance the balance on a 24 month fixed payment installment loan. The monthly payments are $111.73. Instead of making his 18th payment, Simon decides to pay the total remaining balance and terminate the loan. How much is interest will Simon save? Simon will save $_ in interest. round to nearest cent
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