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Enrique has a 60-month fixed installment loan, with a monthly payment of $70.97. The amount he borrowed was $3,500.00 at 8.0% APR. Instead of making

Enrique has a 60-month fixed installment loan, with a monthly payment of $70.97. The amount he borrowed was $3,500.00 at 8.0% APR. Instead of making his 36th payment, Enrique is paying the remaining balance on the loan. Use the actuarial method to determine how much interest Enrique will save. You may use the APR table from your textbook to solve this problem. (Book gives us the APR of 21.66)

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