Paige decided to buy a new car worth $32,000, she traded in her old mini-van

Paige decided to buy a new car worth $32,000, she traded in her old mini-van and received $10,000, which she used as a down payment. She finances the balance at 8% APR over 36 months. Before making her 24th payment, she decides to pay off the loan.

a.) Use the APR table for Monthly Payment plans. What is the total interest Paige would pay if all 36 payments were made?

b.) What were Paige’s monthly payments?

c.) How much interest will Paige save by paying off the loan early?

d.) What is the total amount due to pay off the loan?

Here’s the SOLUTION

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