Math HELP?

Melanie took out a 20-year loan for $50,000 at an APR of 3.3%, compounded monthly. Approximately how much would she save if she paid it off 6 years early? 

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1 Answer

Monthly rate=3.3/12=11/40%=0.00275.

20-year growth rate=(1.00275)²⁴⁰=1.933 approx.

Total full period payment=50000×1.933=$96652 approx.

20-6=14-year growth rate=1.00275¹⁶⁸=1.5862 approx.

14-year payment=$79312 approx.

Saving is 96652-79312=$17340.
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