Enrique is paying the remaining balance on loan

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Enrique has a 60-month fixed installment loan, with a monthly payment of $40.55. The amount he borrowed was $2000. Instead of making his 12th payment, Enrique is paying the remaining balance on loan. How much interest will Enrique save (use the actuarial method)?

"The amount he borrowed was $2000"

"He has a loan of 60 months or 5 years"

Reference no: EM131932275

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