How much will she save per month for the next three years

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Reference no: EM131890185

Two years ago Saima purchased a Rs-10,000 car; she paid $2000 down and borrowed the rest. She took a fixed rate 60-month installment loan at a stated rate of 8% per year. Interest rates have fallen during the last two years and she can refinance her car by borrowing the amount she still owes on the car at a new fixed rate of 6% per year for 3 years. Should Saima refinance her loan? How much will she save per month for the next three years if she decides to refinance?

Reference no: EM131890185

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