A recent college graduate buys a new car by borrowing $22,000 at8.4%, compounded monthly, for 4 years. She decides to pay $552instead of the monthly payment required by the loan.
(a) What is the monthly payment required by the loan? (Roundyour answer to the nearest cent.)
$Â Â
How much extra did she pay per month? (Round your answer to thenearest cent.)
$Â Â
(b) How many $552 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 $552 per month rather than therequired payment? (Round your answer to the nearest cent.)
$
