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The cash price of a new washer and dryer for Steve's house was $1480. Steve made a down payment of $100 and financed the balance
The cash price of a new washer and dryer for Steve's house was $1480. Steve made a down payment of $100 and financed the balance on a 24-month fixed payment installment loan. The monthly payments are $60.23. Instead of making his 12th payment, Steve decided to pay off the loan.
Determine the finance charge for Steve's loan.
Determine the APR on the installment loan.
How much interest will Steve save by paying off the loan early.
What is the total amount due in lieu of the 12th payment to pay off the loan.
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