Actuarial Method Gino Sedillo borrowed $7500. To repay the
Chapter 11, Problem 874(choose chapter or problem)
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?
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