Sarah Yost took out a $48-$month fixed installment loan of $$26,000\mathrm{.}00$ at $9\%$ APR to open a gift shop.

She began making monthly payments of $$647\mathrm{.}02.$

Sarah's business does better than expected and instead of making her $12$th payment, Sarah decides to repay her loan in full.

Use the actuarial method to determine how much interest Sarah will save.

If you use the Finance Charge Table$11\mathrm{.}2,$ page $632,$and the "unearned interest formula", page $635,$ in your textbook to solve this problem, the result will match exactly with one of the answers. If you use a spreadsheet to do the computation,your result will not match exactly with any of the answers,but it will differ only very little$($mostly less than$$1)$from the"correct"answer.