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Use the following and the actuarial method to find the amount of unearned interest. The Moores purchased a new car for $10,273.62 with 7.58% add-on
Use the following and the actuarial method to find the amount of unearned interest.
The Moores purchased a new car for $10,273.62 with 7.58% add-on interest with a 5 year term. The monthly payment is $236.12 and the APR is 10%. How much interest will the Moores save if they decide to pay-off the car loan after making the 54th payment?
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