Suppose that in the loan described, the borrower made a larger payment, as indicated. Calculate (a) the time needed to pay off the loan, (b) the total amount of the payments, and (c) the amount of interest saved, compared with the original loan and payments.$5500; 10% compounded monthly; 24 monthly payments; with larger payment of $700.
A. (a) 8 months
(b) $5333.58
(c) $291.81
B. (a) 8 months
(b) $5600
(c) $393.81
C. (a) 9 months
(b) $6300
(c) $444.81
D. (a) 9 months
(b) $5712.39
(c) $378.81
Answer: D
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