Suppose that in the loan described, the borrower made a larger payment than required, as indicated. Calculate (a) the time needed to pay off the loan, (b) the total amount, or the new quarterly payments and (c) the amount of interest saved, compared with the original loan and payments.
$140,000; 8% compounded quarterly; 15 quarterly payments; with larger payment of $15,000.
A) (a) 10 quarters (b) $149,649.79 (c) $6859.88
B) (a) 8 quarters (b) $152,326.14 (c) $11,033.55
C) (a) 10 quarters (b) $150,000 (c) $6956.88
D) (a) 11 quarters (b) $165,000 (c) $7014.88