Question

Two years ago abilia purchased a $13,000 car; she paid $2,500 down and borrowed the rest. she took a fixed rate 60-month installment loan at a stated rate of 8.0% 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 4% per year for 3 years. should abilia refinance her loan? how much will she save per month for the remainder of the loan life if she decides to refinance?

Answer 1

Explanation:

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