Decides to pay the remaining balance on loan

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A farmer buys a new tractor for $35,000. He makes a down payment of $10,000 and finances the balance of 8.5% APR over 48 months. Before making the 12th payment, the farmer decides to pay the remaining balance on loan. How much interest will the farmer save (use the actuarial method)?

Reference no: EM131932279

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