A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4 years. She decides to pay $527 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)$ How much extra did she pay per month? (Round your answer to the nearest cent.)$ (b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)$

A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4 years. She decides to pay $527 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)$ How much extra did she pay per month? (Round your answer to the nearest cent.)$ (b) How many $527 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments(c) How much will she save by paying $527 per month rather than the required payment? (Round your answer to the nearest cent.)$

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter2: Exponential, Logarithmic, And Trigonometric Functions

Section2.1: Exponential Functions

Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...

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