Adele got a loan for 8,000 at 12% for 24 months. The monthly payments are 376.80. After 15 payments, the balance is 3222.44 1. Adele wants to pay off her loan right now. What is the interest on the final payment?
2. If she wanted to pay off the loan right now, how much would it cost (use answer from 1 to help)?
3. What would have been the total amount she would have paid if she didn’t pay it off early?
4. How much money has she already paid after 15 payments?
5. How much money was saved by paying the loan off early?