# Thread: Find loan amount, amount saved

1. ## Find loan amount, amount saved

Sean purchased a new couch and love seat for his living room for $4500. He made a down payment of$1550 and financed the balance with a 24-month fixed-payment installment loan. Instead of making the eleventh payment of $144.17, he decides to pay off the loan. A) how much interest will sean save? B) what is the amount due to pay off the loan? 2. Do you have a formula for these? You should. It really isn't fair to assign such a problem without appropriate guidance.$4500 - $1550 =$2950 The Amount Financed

Okay, what's the fixed installment? Is it $144.17?$144.17*24 = $3460 That's more than$2950. What is the excess?

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