Lionel Cooper paid for new mechanic's tool with an installment loan of $6000.00 at 8% for 36 months with a payment of $187.80. After 20 payments, the balance is $2,849.08. He pays off the loan when the next payment is due.

a.What is the current month's interest?

b.What is the final payment?

c.How much is saved by paying the loan off early?

Lionel Cooper paid for new mechanic's tool with an installment loan of $6,000.00 at 8% for 36 months with a payment of $187.80. After 20 payments, the balance is $2,849.08. He pays off the loan when the next payment is due. a. What is the current month's interest? b. What is the final payment? c. How much is saved by paying the loan off early