←Assume you have a student loan that you will pay off in 10 years. How much will you save in interest if you refinance at the new rate? Use the accompanying table of monthly payments on a $1,000loan.Amount ofLoan$22.000OriginalRate12%NewRate4%Click the icon to view a table of monthly payments on a $1,000 loan.The total savings in interest will be $(Round to the nearest cent as needed.)CELLS gs in inteearest cMonthly Payment on a $1,000 loanAnnual Interest Rate4%5%6%8%10%12%3$29.5329.9730.4231.3432.2733.21Number of Years for the Loan410$22.58$10.1223.0310.6123.4911.1024.4112.1325.3613.2226.3314.3520$6.066.607.168.369.6511.0130$4.775.376.007.348.7810.29- X

In this question we will make use of the table provided in the second image i.e. monthly payment on…

Assume you have a student loan that you will pay off in 10 years. How much will you save in interest if you refinance at the new rate? Use the accompanying table of monthly payments on a $1,000 loan. Amount of Loan $22.000 Click the icon to view a table of monthly payments on a $1,000 loan. Original Rate 12% New Rate 4% The total savings in interest will be $ (Round to the nearest cent as needed.)

Assume you have a student loan that you will pay off in 10 years. How much will you save in interest if you refinance at the new rate? Use the accompanying table of monthly payments on a $1,000 loan. Amount of Loan $22.000 Click the icon to view a table of monthly payments on a $1,000 loan. Original Rate 12% New Rate 4% The total savings in interest will be $ (Round to the nearest cent as needed.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

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