Frederick took out a 20-year loan for $70,000 at an APR of 2.2%, compounded monthly. Approximately how much would he save if he paid it off 9 years early?

$38,645.7208

Step-by-step explanation:

Given that

Principal = $70,000

Time = 20 years

Rate = 2.2%

The calculation of the amount of saving is shown below:-

A = Future amount

P = Principal amount  

0.001833333

t = 20 years which is equals to 240 months

= $108,645.7208

And, the loan amount for 20 years is $70,000

So,

He would save by paying off 9 years early is

= $108,645.7208  - $70,000

= $38,645.7208

r = 78539458390583095803458309458039485093485 or just 3

step-by-step explanation:

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