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Solve the Problem $6500\$ 6500 Living Room Set and Take Out a Two-Year Loan for Room

Question 178

Multiple Choice

Solve the problem.
-The Habers purchase a $6500\$ 6500 living room set and take out a two-year loan for the entire amount at 26%26 \% with monthly payments. After 14 of 24 installments, they decide to pay it off. How much do they save in interest? How much is needed to pay the balance of the loan?


A) $1904.32,$4902.52\$ 1904.32, \$ 4902.52
B) $350.18,$8404.32\$ 350.18, \$ 8404.32
C) $383.53,$3118.27\$ 383.53, \$ 3118.27
D) $1520.79,$3381.73\$ 1520.79, \$ 3381.73

Correct Answer:

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