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Rihanna took out a 4-year amortized loan for $11.000 at 10% to pay her tuition at a music conservatory After 1 year, she refinanced the

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Rihanna took out a 4-year amortized loan for $11.000 at 10% to pay her tuition at a music conservatory After 1 year, she refinanced the unpaid balance of 58.647 at a 6% interest rate Use the table to find the monthly payments on the original loan the monthly payments on the new loan and the total amount saved on interest by refinancing Click the icon to view a table of monthly payments on a $1.000 loan The monthly payments on the orginal loan are (Type an integer or a decimal) The monthly payments on the new loan arus (Round to the nearest cont as needed) The total amount saved on interest by refinancing in (Round to the nearest contas needed) Enter your answer in each of the answer boxes pay her tuition at a music conservatory. After 1 year, she refinanced the unpaid balar in the new loan; and the total amount saved on interest by refinancing. 000 loan. 1 Monthly Payment on a $1,000 loan Number of Years for the Loan Annual Interest Rate 3 4 10 20 30 4% $29.53 $22.58 $6.06 $4.77 $10.12 10.61 5% 29.97 23.03 6.60 5.37 6% 23.49 7.16 6.00 30.42 31.34 11.10 12.13 8% 24.41 8.36 7.34 10% 25.36 9.65 8.78 32.27 33.21 13.22 14.35 12% 26.33 11.01 10.29 Print Done

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