Actuarial Method Gino Sedillo borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of $223.10. Instead of making his 24th payment, Gino decides to pay off the loan. a) Determine the APR of the installment loan. b) How much interest will Gino save (use the actuarial method)? c) What is the total amount due to pay off the loan?
CHAPTER 6 : ACTORIALS, HAMILTON, KN, AND A LGORITHMS Factorials - If you want to write something as a factorial write the number “x” and then add “!” - Ex. Let’s say the number is 5… 5 factorial is written as 5! - How do y ou solve it - By Hand : 5 x 4 x 3 x 2 x 1 = 120 - This step UST BE DONE I N DESCENDING O RDER - By Calculator (TI-84 Plus) : Enter the number you are solving for, go up the button set and find the “math” button and press it, and then a menu