(A)
The monthly interest must be 4.8% / 12 = 0.4%.
The monthly payment is calculated below:
The total interest paid is calculated below:
(B)
The time taken to pay off the loan is calculated below:
taking log on both sides
There will be total 244 months needed to pay off the loan, that is, 20.33 years.
Interest saved is calculated below:
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