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Determine the monthly payments on the original loan

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Reference no: EM132832313

Problem 1: Rihanna took out a 4-year amortized loan for $16,000 at 12?% to pay her tuition at a music conservatory. After 1 year, she refinanced the unpaid balance of $12,686 at a 6% interest rate. Use the table to find the monthly payments on the original loan; the monthly payments on the new loan; and the total amount saved on interest by refinancing.

12% 4 years =26.33
and 6% 4 years = 23.49

Reference no: EM132832313

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