Curtis took out a 30-year loan for $75,000 at an apr of 5.6%, compounded
monthly, and he is making monthly payments of $430.56. assuming that his
balance is $29,863.54 with 7 years left on the loan, how much would he save
by paying off the loan 7 years early?

He would save $6,303.50, that's how much I got with the formula.

option a is correct.

step-by-step explanation:

scale factor: it is used to find proportional measurements.

proportions means having the same ratio.

scale factor is the ratio of the model measurement to the actual measurement in a simplest form.

or we can say that the ratio of any two corresponding lengths in two similar geometric figures

if the scale factor is more than 1, then it is an enlargement,

if the scale factor less than 1, then it is a reduction.

given the two geometric figure:

by definition of proportions, we have