Question

A) For a loan of $160,000 at 7% annual interest, monthly payments, for 30 years, how much total interest will be paid over the life of the loan?

Group of answer choices

$279,785.00

$81,002.00

$223,214.00

$265,778.00

B) For a loan of $250,000 at 6% annual interest, with monthly payments over 15 years, if you pay an additional $100 in principle per month, how much total interest will you pay over the life of the loan?

Group of answer choices

$218,090.00

$119,501.00

$129,735.00

$379,735.00

C) If you pay an extra $75 per month in principle, how much LESS interest will you pay over the life of the following loan: Loan amount--$180,000; 30 years (monthly PMT); 7% annual rate of interest?

Group of answer choices

$49,629.00

$201,486.00

$35,670.00

$251,116.00

Answer 1

Computation of Installment Amount

Interest per annum = 7%

Interest per month = 7% /12=0.5833%

We know that Installment amount = Loan Amount / PVIFA( 0.5833%,360 months)

= $ 160000/150.3136

= $1064.4412

Total amount paid = $ 1064.4412*360=$ 383198.832

Total loan amount = $ 160000

Interest = Total amount paid - Principal

= $ 383198.832-$ 160000

= $223198.832

So the total interest paid is $ 223198.83 approximately.

The answer is close to $ 223214.So option 3 is correct.

B) Computation of Installment amount

Interest per annum = 6%

Interest per month = 6% /12=0.5%

We know that Installment amount = Loan Amount / PVIFA( 0.5%,180 months)

= $ 250000/118.5035

= $2109.6423

Total amount payable is $ 2109.6423*180=$ 379735.614

Interest payable = Total amount payable - Principal amount

= $ 379735.614-$ 250000

= $129735.614

Since the Borrower want to pay $ 100 extra every month so the installment amount is $ 2209.6423

S.No	Opening balance	Interest accrued@ 0.5%	Total	Amount paid	Closing balance
1	$250,000	$1,250.0	$251,250.00	$2,209.64	$249,040.36
2	$249,040.36	$1,245.2	$250,285.56	$2,209.64	$248,075.92
3	$248,075.92	$1,240.4	$249,316.30	$2,209.64	$247,106.65
4	$247,106.65	$1,235.5	$248,342.19	$2,209.64	$246,132.55
5	$246,132.55	$1,230.7	$247,363.21	$2,209.64	$245,153.57
6	$245,153.57	$1,225.8	$246,379.33	$2,209.64	$244,169.69
7	$244,169.69	$1,220.8	$245,390.54	$2,209.64	$243,180.90
8	$243,180.90	$1,215.9	$244,396.80	$2,209.64	$242,187.16
9	$242,187.16	$1,210.9	$243,398.10	$2,209.64	$241,188.45
10	$241,188.45	$1,205.9	$242,394.40	$2,209.64	$240,184.75
11	$240,184.75	$1,200.9	$241,385.68	$2,209.64	$239,176.03
12	$239,176.03	$1,195.9	$240,371.91	$2,209.64	$238,162.27
13	$238,162.27	$1,190.8	$239,353.08	$2,209.64	$237,143.44
14	$237,143.44	$1,185.7	$238,329.16	$2,209.64	$236,119.52
15	$236,119.52	$1,180.6	$237,300.11	$2,209.64	$235,090.47
16	$235,090.47	$1,175.5	$236,265.92	$2,209.64	$234,056.28
17	$234,056.28	$1,170.3	$235,226.56	$2,209.64	$233,016.92
18	$233,016.92	$1,165.1	$234,182.01	$2,209.64	$231,972.36
19	$231,972.36	$1,159.9	$233,132.23	$2,209.64	$230,922.58
20	$230,922.58	$1,154.6	$232,077.20	$2,209.64	$229,867.55
21	$229,867.55	$1,149.3	$231,016.89	$2,209.64	$228,807.25
22	$228,807.25	$1,144.0	$229,951.29	$2,209.64	$227,741.64
23	$227,741.64	$1,138.7	$228,880.35	$2,209.64	$226,670.71
24	$226,670.71	$1,133.4	$227,804.06	$2,209.64	$225,594.42
25	$225,594.42	$1,128.0	$226,722.39	$2,209.64	$224,512.75
26	$224,512.75	$1,122.6	$225,635.31	$2,209.64	$223,425.67
27	$223,425.67	$1,117.1	$224,542.80	$2,209.64	$222,333.16
28	$222,333.16	$1,111.7	$223,444.82	$2,209.64	$221,235.18
29	$221,235.18	$1,106.2	$222,341.36	$2,209.64	$220,131.71
30	$220,131.71	$1,100.7	$221,232.37	$2,209.64	$219,022.73
31	$219,022.73	$1,095.1	$220,117.84	$2,209.64	$217,908.20
32	$217,908.20	$1,089.5	$218,997.74	$2,209.64	$216,788.10
33	$216,788.10	$1,083.9	$217,872.04	$2,209.64	$215,662.40
34	$215,662.40	$1,078.3	$216,740.71	$2,209.64	$214,531.07
35	$214,531.07	$1,072.7	$215,603.72	$2,209.64	$213,394.08
36	$213,394.08	$1,067.0	$214,461.05	$2,209.64	$212,251.41
37	$212,251.41	$1,061.3	$213,312.67	$2,209.64	$211,103.02
38	$211,103.02	$1,055.5	$212,158.54	$2,209.64	$209,948.90
39	$209,948.90	$1,049.7	$210,998.64	$2,209.64	$208,789.00
40	$208,789.00	$1,043.9	$209,832.94	$2,209.64	$207,623.30
41	$207,623.30	$1,038.1	$208,661.42	$2,209.64	$206,451.78
42	$206,451.78	$1,032.3	$207,484.04	$2,209.64	$205,274.39
43	$205,274.39	$1,026.4	$206,300.76	$2,209.64	$204,091.12
44	$204,091.12	$1,020.5	$205,111.58	$2,209.64	$202,901.94
45	$202,901.94	$1,014.5	$203,916.45	$2,209.64	$201,706.80
46	$201,706.80	$1,008.5	$202,715.34	$2,209.64	$200,505.70
47	$200,505.70	$1,002.5	$201,508.22	$2,209.64	$199,298.58
48	$199,298.58	$996.5	$200,295.07	$2,209.64	$198,085.43
49	$198,085.43	$990.4	$199,075.86	$2,209.64	$196,866.22
50	$196,866.22	$984.3	$197,850.55	$2,209.64	$195,640.91
51	$195,640.91	$978.2	$196,619.11	$2,209.64	$194,409.47
52	$194,409.47	$972.0	$195,381.52	$2,209.64	$193,171.87
53	$193,171.87	$965.9	$194,137.73	$2,209.64	$191,928.09
54	$191,928.09	$959.6	$192,887.73	$2,209.64	$190,678.09
55	$190,678.09	$953.4	$191,631.48	$2,209.64	$189,421.84
56	$189,421.84	$947.1	$190,368.95	$2,209.64	$188,159.30
57	$188,159.30	$940.8	$189,100.10	$2,209.64	$186,890.46
58	$186,890.46	$934.5	$187,824.91	$2,209.64	$185,615.27
59	$185,615.27	$928.1	$186,543.34	$2,209.64	$184,333.70
60	$184,333.70	$921.7	$185,255.37	$2,209.64	$183,045.73
61	$183,045.73	$915.2	$183,960.96	$2,209.64	$181,751.31
62	$181,751.31	$908.8	$182,660.07	$2,209.64	$180,450.43
63	$180,450.43	$902.3	$181,352.68	$2,209.64	$179,143.04
64	$179,143.04	$895.7	$180,038.75	$2,209.64	$177,829.11
65	$177,829.11	$889.1	$178,718.26	$2,209.64	$176,508.61
66	$176,508.61	$882.5	$177,391.16	$2,209.64	$175,181.51
67	$175,181.51	$875.9	$176,057.42	$2,209.64	$173,847.78
68	$173,847.78	$869.2	$174,717.02	$2,209.64	$172,507.38
69	$172,507.38	$862.5	$173,369.91	$2,209.64	$171,160.27
70	$171,160.27	$855.8	$172,016.07	$2,209.64	$169,806.43
71	$169,806.43	$849.0	$170,655.46	$2,209.64	$168,445.82
72	$168,445.82	$842.2	$169,288.05	$2,209.64	$167,078.41
73	$167,078.41	$835.4	$167,913.80	$2,209.64	$165,704.16
74	$165,704.16	$828.5	$166,532.68	$2,209.64	$164,323.04
75	$164,323.04	$821.6	$165,144.65	$2,209.64	$162,935.01
76	$162,935.01	$814.7	$163,749.68	$2,209.64	$161,540.04
77	$161,540.04	$807.7	$162,347.74	$2,209.64	$160,138.10
78	$160,138.10	$800.7	$160,938.79	$2,209.64	$158,729.15
79	$158,729.15	$793.6	$159,522.79	$2,209.64	$157,313.15
80	$157,313.15	$786.6	$158,099.72	$2,209.64	$155,890.07
81	$155,890.07	$779.5	$156,669.52	$2,209.64	$154,459.88
82	$154,459.88	$772.3	$155,232.18	$2,209.64	$153,022.54
83	$153,022.54	$765.1	$153,787.65	$2,209.64	$151,578.01
84	$151,578.01	$757.9	$152,335.90	$2,209.64	$150,126.26
85	$150,126.26	$750.6	$150,876.89	$2,209.64	$148,667.25
86	$148,667.25	$743.3	$149,410.58	$2,209.64	$147,200.94
87	$147,200.94	$736.0	$147,936.94	$2,209.64	$145,727.30
88	$145,727.30	$728.6	$146,455.94	$2,209.64	$144,246.30
89	$144,246.30	$721.2	$144,967.53	$2,209.64	$142,757.89
90	$142,757.89	$713.8	$143,471.68	$2,209.64	$141,262.03
91	$141,262.03	$706.3	$141,968.34	$2,209.64	$139,758.70
92	$139,758.70	$698.8	$140,457.49	$2,209.64	$138,247.85
93	$138,247.85	$691.2	$138,939.09	$2,209.64	$136,729.45
94	$136,729.45	$683.6	$137,413.10	$2,209.64	$135,203.45
95	$135,203.45	$676.0	$135,879.47	$2,209.64	$133,669.83
96	$133,669.83	$668.3	$134,338.18	$2,209.64	$132,128.54
97	$132,128.54	$660.6	$132,789.18	$2,209.64	$130,579.54
98	$130,579.54	$652.9	$131,232.43	$2,209.64	$129,022.79
99	$129,022.79	$645.1	$129,667.91	$2,209.64	$127,458.26
100	$127,458.26	$637.3	$128,095.55	$2,209.64	$125,885.91
101	$125,885.91	$629.4	$126,515.34	$2,209.64	$124,305.70
102	$124,305.70	$621.5	$124,927.23	$2,209.64	$122,717.59
103	$122,717.59	$613.6	$123,331.17	$2,209.64	$121,121.53
104	$121,121.53	$605.6	$121,727.14	$2,209.64	$119,517.50
105	$119,517.50	$597.6	$120,115.08	$2,209.64	$117,905.44
106	$117,905.44	$589.5	$118,494.97	$2,209.64	$116,285.33
107	$116,285.33	$581.4	$116,866.75	$2,209.64	$114,657.11
108	$114,657.11	$573.3	$115,230.40	$2,209.64	$113,020.75
109	$113,020.75	$565.1	$113,585.86	$2,209.64	$111,376.22
110	$111,376.22	$556.9	$111,933.10	$2,209.64	$109,723.45
111	$109,723.45	$548.6	$110,272.07	$2,209.64	$108,062.43
112	$108,062.43	$540.3	$108,602.74	$2,209.64	$106,393.10
113	$106,393.10	$532.0	$106,925.06	$2,209.64	$104,715.42
114	$104,715.42	$523.6	$105,239.00	$2,209.64	$103,029.36
115	$103,029.36	$515.1	$103,544.50	$2,209.64	$101,334.86
116	$101,334.86	$506.7	$101,841.54	$2,209.64	$99,631.89
117	$99,631.89	$498.2	$100,130.05	$2,209.64	$97,920.41
118	$97,920.41	$489.6	$98,410.01	$2,209.64	$96,200.37
119	$96,200.37	$481.0	$96,681.37	$2,209.64	$94,471.73
120	$94,471.73	$472.4	$94,944.09	$2,209.64	$92,734.45
121	$92,734.45	$463.7	$93,198.12	$2,209.64	$90,988.48
122	$90,988.48	$454.9	$91,443.42	$2,209.64	$89,233.78
123	$89,233.78	$446.2	$89,679.95	$2,209.64	$87,470.30
124	$87,470.30	$437.4	$87,907.65	$2,209.64	$85,698.01
125	$85,698.01	$428.5	$86,126.50	$2,209.64	$83,916.86
126	$83,916.86	$419.6	$84,336.44	$2,209.64	$82,126.80
127	$82,126.80	$410.6	$82,537.44	$2,209.64	$80,327.79
128	$80,327.79	$401.6	$80,729.43	$2,209.64	$78,519.79
129	$78,519.79	$392.6	$78,912.39	$2,209.64	$76,702.75
130	$76,702.75	$383.5	$77,086.26	$2,209.64	$74,876.62
131	$74,876.62	$374.4	$75,251.00	$2,209.64	$73,041.36
132	$73,041.36	$365.2	$73,406.57	$2,209.64	$71,196.92
133	$71,196.92	$356.0	$71,552.91	$2,209.64	$69,343.27
134	$69,343.27	$346.7	$69,689.98	$2,209.64	$67,480.34
135	$67,480.34	$337.4	$67,817.74	$2,209.64	$65,608.10
136	$65,608.10	$328.0	$65,936.14	$2,209.64	$63,726.50
137	$63,726.50	$318.6	$64,045.13	$2,209.64	$61,835.49
138	$61,835.49	$309.2	$62,144.67	$2,209.64	$59,935.02
139	$59,935.02	$299.7	$60,234.70	$2,209.64	$58,025.06
140	$58,025.06	$290.1	$58,315.18	$2,209.64	$56,105.54
141	$56,105.54	$280.5	$56,386.07	$2,209.64	$54,176.42
142	$54,176.42	$270.9	$54,447.31	$2,209.64	$52,237.66
143	$52,237.66	$261.2	$52,498.85	$2,209.64	$50,289.21
144	$50,289.21	$251.4	$50,540.66	$2,209.64	$48,331.01
145	$48,331.01	$241.7	$48,572.67	$2,209.64	$46,363.03
146	$46,363.03	$231.8	$46,594.84	$2,209.64	$44,385.20
147	$44,385.20	$221.9	$44,607.13	$2,209.64	$42,397.48
148	$42,397.48	$212.0	$42,609.47	$2,209.64	$40,399.83
149	$40,399.83	$202.0	$40,601.83	$2,209.64	$38,392.19
150	$38,392.19	$192.0	$38,584.15	$2,209.64	$36,374.50
151	$36,374.50	$181.9	$36,556.38	$2,209.64	$34,346.73
152	$34,346.73	$171.7	$34,518.47	$2,209.64	$32,308.83
153	$32,308.83	$161.5	$32,470.37	$2,209.64	$30,260.73
154	$30,260.73	$151.3	$30,412.03	$2,209.64	$28,202.39
155	$28,202.39	$141.0	$28,343.40	$2,209.64	$26,133.76
156	$26,133.76	$130.7	$26,264.43	$2,209.64	$24,054.78
157	$24,054.78	$120.3	$24,175.06	$2,209.64	$21,965.42
158	$21,965.42	$109.8	$22,075.24	$2,209.64	$19,865.60
159	$19,865.60	$99.3	$19,964.93	$2,209.64	$17,755.29
160	$17,755.29	$88.8	$17,844.06	$2,209.64	$15,634.42
161	$15,634.42	$78.2	$15,712.59	$2,209.64	$13,502.95
162	$13,502.95	$67.5	$13,570.47	$2,209.64	$11,360.82
163	$11,360.82	$56.8	$11,417.63	$2,209.64	$9,207.99
164	$9,207.99	$46.0	$9,254.03	$2,209.64	$7,044.38
165	$7,044.38	$35.2	$7,079.60	$2,209.64	$4,869.96
166	$4,869.96	$24.3	$4,894.31	$2,209.64	$2,684.67
167	$2,684.67	$13.4	$2,698.09	$2,209.64	$488.45
168	$488.45	$2.4	$490.89	$2,209.64	-$1,718.75
	Total	$119,501.2

So total interesepaid is $ 119501.2.So Option 2 is the correct answer.

C)

Interest per annum = 7%

Interest per month = 7% /12=0.5833%

We know that Installment amount = Loan Amount / PVIFA( 0.5833%,360 months)

=$ 180000/150.3136

= $1197.4964

Total amount payable is $ 1197.4964*360= $ 431087.04

Interest = Total amount payable - Principal

=$ 431087.04-$ 180000

= $251087.04

Since the borrower want to pay $ 75 per month extra then the installmeant amount is $1197.4964+$ 75 = $ 1272.4964

S.No	Opening balance	Interest accrued@ 0.5833%	Total	Amount paid	Closing balance
1	$180,000	$1,049.9	$181,049.94	$1,272.4964	$179,777.44
2	$179,777.44	$1,048.6	$180,826.09	$1,272.4964	$179,553.59
3	$179,553.59	$1,047.3	$180,600.93	$1,272.4964	$179,328.43
4	$179,328.43	$1,046.0	$180,374.45	$1,272.4964	$179,101.96
5	$179,101.96	$1,044.7	$180,146.66	$1,272.4964	$178,874.16
6	$178,874.16	$1,043.4	$179,917.53	$1,272.4964	$178,645.04
7	$178,645.04	$1,042.0	$179,687.07	$1,272.4964	$178,414.58
8	$178,414.58	$1,040.7	$179,455.27	$1,272.4964	$178,182.77
9	$178,182.77	$1,039.3	$179,222.11	$1,272.4964	$177,949.62
10	$177,949.62	$1,038.0	$178,987.60	$1,272.4964	$177,715.10
11	$177,715.10	$1,036.6	$178,751.71	$1,272.4964	$177,479.22
12	$177,479.22	$1,035.2	$178,514.45	$1,272.4964	$177,241.96
13	$177,241.96	$1,033.9	$178,275.81	$1,272.4964	$177,003.31
14	$177,003.31	$1,032.5	$178,035.77	$1,272.4964	$176,763.28
15	$176,763.28	$1,031.1	$177,794.34	$1,272.4964	$176,521.84
16	$176,521.84	$1,029.7	$177,551.49	$1,272.4964	$176,279.00
17	$176,279.00	$1,028.2	$177,307.23	$1,272.4964	$176,034.73
18	$176,034.73	$1,026.8	$177,061.54	$1,272.4964	$175,789.05
19	$175,789.05	$1,025.4	$176,814.43	$1,272.4964	$175,541.93
20	$175,541.93	$1,023.9	$176,565.87	$1,272.4964	$175,293.37
21	$175,293.37	$1,022.5	$176,315.86	$1,272.4964	$175,043.36
22	$175,043.36	$1,021.0	$176,064.39	$1,272.4964	$174,791.89
23	$174,791.89	$1,019.6	$175,811.45	$1,272.4964	$174,538.96
24	$174,538.96	$1,018.1	$175,557.04	$1,272.4964	$174,284.54
25	$174,284.54	$1,016.6	$175,301.15	$1,272.4964	$174,028.65
26	$174,028.65	$1,015.1	$175,043.76	$1,272.4964	$173,771.26
27	$173,771.26	$1,013.6	$174,784.87	$1,272.4964	$173,512.37
28	$173,512.37	$1,012.1	$174,524.47	$1,272.4964	$173,251.98
29	$173,251.98	$1,010.6	$174,262.55	$1,272.4964	$172,990.06
30	$172,990.06	$1,009.1	$173,999.11	$1,272.4964	$172,726.61
31	$172,726.61	$1,007.5	$173,734.13	$1,272.4964	$172,461.63
32	$172,461.63	$1,006.0	$173,467.60	$1,272.4964	$172,195.10
33	$172,195.10	$1,004.4	$173,199.52	$1,272.4964	$171,927.02
34	$171,927.02	$1,002.9	$172,929.87	$1,272.4964	$171,657.37
35	$171,657.37	$1,001.3	$172,658.65	$1,272.4964	$171,386.15
36	$171,386.15	$999.7	$172,385.85	$1,272.4964	$171,113.35
37	$171,113.35	$998.1	$172,111.46	$1,272.4964	$170,838.96
38	$170,838.96	$996.5	$171,835.47	$1,272.4964	$170,562.97
39	$170,562.97	$994.9	$171,557.86	$1,272.4964	$170,285.37
40	$170,285.37	$993.3	$171,278.64	$1,272.4964	$170,006.14
41	$170,006.14	$991.6	$170,997.79	$1,272.4964	$169,725.29
42	$169,725.29	$990.0	$170,715.30	$1,272.4964	$169,442.81
43	$169,442.81	$988.4	$170,431.17	$1,272.4964	$169,158.67
44	$169,158.67	$986.7	$170,145.37	$1,272.4964	$168,872.87
45	$168,872.87	$985.0	$169,857.91	$1,272.4964	$168,585.41
46	$168,585.41	$983.4	$169,568.77	$1,272.4964	$168,296.28
47	$168,296.28	$981.7	$169,277.95	$1,272.4964	$168,005.45
48	$168,005.45	$980.0	$168,985.43	$1,272.4964	$167,712.93
49	$167,712.93	$978.3	$168,691.20	$1,272.4964	$167,418.70
50	$167,418.70	$976.6	$168,395.26	$1,272.4964	$167,122.76
51	$167,122.76	$974.8	$168,097.59	$1,272.4964	$166,825.09
52	$166,825.09	$973.1	$167,798.18	$1,272.4964	$166,525.69
53	$166,525.69	$971.3	$167,497.03	$1,272.4964	$166,224.53
54	$166,224.53	$969.6	$167,194.12	$1,272.4964	$165,921.63
55	$165,921.63	$967.8	$166,889.45	$1,272.4964	$165,616.95
56	$165,616.95	$966.0	$166,582.99	$1,272.4964	$165,310.50
57	$165,310.50	$964.3	$166,274.75	$1,272.4964	$165,002.26
58	$165,002.26	$962.5	$165,964.72	$1,272.4964	$164,692.22
59	$164,692.22	$960.6	$165,652.87	$1,272.4964	$164,380.37
60	$164,380.37	$958.8	$165,339.20	$1,272.4964	$164,066.71
61	$164,066.71	$957.0	$165,023.71	$1,272.4964	$163,751.21
62	$163,751.21	$955.2	$164,706.37	$1,272.4964	$163,433.88
63	$163,433.88	$953.3	$164,387.19	$1,272.4964	$163,114.69
64	$163,114.69	$951.4	$164,066.14	$1,272.4964	$162,793.64
65	$162,793.64	$949.6	$163,743.22	$1,272.4964	$162,470.72
66	$162,470.72	$947.7	$163,418.41	$1,272.4964	$162,145.91
67	$162,145.91	$945.8	$163,091.71	$1,272.4964	$161,819.22
68	$161,819.22	$943.9	$162,763.11	$1,272.4964	$161,490.61
69	$161,490.61	$942.0	$162,432.59	$1,272.4964	$161,160.09
70	$161,160.09	$940.0	$162,100.14	$1,272.4964	$160,827.64
71	$160,827.64	$938.1	$161,765.75	$1,272.4964	$160,493.25
72	$160,493.25	$936.2	$161,429.41	$1,272.4964	$160,156.91
73	$160,156.91	$934.2	$161,091.11	$1,272.4964	$159,818.61
74	$159,818.61	$932.2	$160,750.83	$1,272.4964	$159,478.34
75	$159,478.34	$930.2	$160,408.57	$1,272.4964	$159,136.08
76	$159,136.08	$928.2	$160,064.32	$1,272.4964	$158,791.82
77	$158,791.82	$926.2	$159,718.05	$1,272.4964	$158,445.56
78	$158,445.56	$924.2	$159,369.77	$1,272.4964	$158,097.27
79	$158,097.27	$922.2	$159,019.46	$1,272.4964	$157,746.96
80	$157,746.96	$920.1	$158,667.10	$1,272.4964	$157,394.60
81	$157,394.60	$918.1	$158,312.68	$1,272.4964	$157,040.19
82	$157,040.19	$916.0	$157,956.20	$1,272.4964	$156,683.71
83	$156,683.71	$913.9	$157,597.64	$1,272.4964	$156,325.15
84	$156,325.15	$911.8	$157,236.99	$1,272.4964	$155,964.49
85	$155,964.49	$909.7	$156,874.23	$1,272.4964	$155,601.74
86	$155,601.74	$907.6	$156,509.36	$1,272.4964	$155,236.87
87	$155,236.87	$905.5	$156,142.36	$1,272.4964	$154,869.87
88	$154,869.87	$903.4	$155,773.22	$1,272.4964	$154,500.73
89	$154,500.73	$901.2	$155,401.93	$1,272.4964	$154,129.43
90	$154,129.43	$899.0	$155,028.47	$1,272.4964	$153,755.97
91	$153,755.97	$896.9	$154,652.83	$1,272.4964	$153,380.34
92	$153,380.34	$894.7	$154,275.00	$1,272.4964	$153,002.51
93	$153,002.51	$892.5	$153,894.97	$1,272.4964	$152,622.47
94	$152,622.47	$890.2	$153,512.72	$1,272.4964	$152,240.22
95	$152,240.22	$888.0	$153,128.24	$1,272.4964	$151,855.74
96	$151,855.74	$885.8	$152,741.52	$1,272.4964	$151,469.02
97	$151,469.02	$883.5	$152,352.54	$1,272.4964	$151,080.05
98	$151,080.05	$881.2	$151,961.30	$1,272.4964	$150,688.80
99	$150,688.80	$879.0	$151,567.77	$1,272.4964	$150,295.27
100	$150,295.27	$876.7	$151,171.94	$1,272.4964	$149,899.45
101	$149,899.45	$874.4	$150,773.81	$1,272.4964	$149,501.31
102	$149,501.31	$872.0	$150,373.35	$1,272.4964	$149,100.86
103	$149,100.86	$869.7	$149,970.56	$1,272.4964	$148,698.07
104	$148,698.07	$867.4	$149,565.42	$1,272.4964	$148,292.93
105	$148,292.93	$865.0	$149,157.92	$1,272.4964	$147,885.42
106	$147,885.42	$862.6	$148,748.04	$1,272.4964	$147,475.54
107	$147,475.54	$860.2	$148,335.77	$1,272.4964	$147,063.27
108	$147,063.27	$857.8	$147,921.09	$1,272.4964	$146,648.59
109	$146,648.59	$855.4	$147,504.00	$1,272.4964	$146,231.50
110	$146,231.50	$853.0	$147,084.47	$1,272.4964	$145,811.97
111	$145,811.97	$850.5	$146,662.49	$1,272.4964	$145,390.00
112	$145,390.00	$848.1	$146,238.06	$1,272.4964	$144,965.56
113	$144,965.56	$845.6	$145,811.14	$1,272.4964	$144,538.65
114	$144,538.65	$843.1	$145,381.74	$1,272.4964	$144,109.24
115	$144,109.24	$840.6	$144,949.83	$1,272.4964	$143,677.34
116	$143,677.34	$838.1	$144,515.41	$1,272.4964	$143,242.91
117	$143,242.91	$835.5	$144,078.45	$1,272.4964	$142,805.95
118	$142,805.95	$833.0	$143,638.94	$1,272.4964	$142,366.44
119	$142,366.44	$830.4	$143,196.86	$1,272.4964	$141,924.37
120	$141,924.37	$827.8	$142,752.21	$1,272.4964	$141,479.72
121	$141,479.72	$825.3	$142,304.97	$1,272.4964	$141,032.47
122	$141,032.47	$822.6	$141,855.11	$1,272.4964	$140,582.62
123	$140,582.62	$820.0	$141,402.64	$1,272.4964	$140,130.14
124	$140,130.14	$817.4	$140,947.52	$1,272.4964	$139,675.02
125	$139,675.02	$814.7	$140,489.75	$1,272.4964	$139,217.25
126	$139,217.25	$812.1	$140,029.30	$1,272.4964	$138,756.81
127	$138,756.81	$809.4	$139,566.18	$1,272.4964	$138,293.68
128	$138,293.68	$806.7	$139,100.35	$1,272.4964	$137,827.85
129	$137,827.85	$803.9	$138,631.80	$1,272.4964	$137,359.30
130	$137,359.30	$801.2	$138,160.52	$1,272.4964	$136,888.02
131	$136,888.02	$798.5	$137,686.49	$1,272.4964	$136,414.00
132	$136,414.00	$795.7	$137,209.70	$1,272.4964	$135,937.20
133	$135,937.20	$792.9	$136,730.12	$1,272.4964	$135,457.63
134	$135,457.63	$790.1	$136,247.75	$1,272.4964	$134,975.26
135	$134,975.26	$787.3	$135,762.57	$1,272.4964	$134,490.07
136	$134,490.07	$784.5	$135,274.55	$1,272.4964	$134,002.05
137	$134,002.05	$781.6	$134,783.69	$1,272.4964	$133,511.19
138	$133,511.19	$778.8	$134,289.96	$1,272.4964	$133,017.47
139	$133,017.47	$775.9	$133,793.36	$1,272.4964	$132,520.86
140	$132,520.86	$773.0	$133,293.85	$1,272.4964	$132,021.36
141	$132,021.36	$770.1	$132,791.44	$1,272.4964	$131,518.94
142	$131,518.94	$767.1	$132,286.09	$1,272.4964	$131,013.60
143	$131,013.60	$764.2	$131,777.80	$1,272.4964	$130,505.30
144	$130,505.30	$761.2	$131,266.54	$1,272.4964	$129,994.04
145	$129,994.04	$758.3	$130,752.30	$1,272.4964	$129,479.80
146	$129,479.80	$755.3	$130,235.06	$1,272.4964	$128,962.56
147	$128,962.56	$752.2	$129,714.80	$1,272.4964	$128,442.30
148	$128,442.30	$749.2	$129,191.51	$1,272.4964	$127,919.01
149	$127,919.01	$746.2	$128,665.16	$1,272.4964	$127,392.67
150	$127,392.67	$743.1	$128,135.75	$1,272.4964	$126,863.25
151	$126,863.25	$740.0	$127,603.24	$1,272.4964	$126,330.75
152	$126,330.75	$736.9	$127,067.63	$1,272.4964	$125,795.14
153	$125,795.14	$733.8	$126,528.90	$1,272.4964	$125,256.41
154	$125,256.41	$730.6	$125,987.03	$1,272.4964	$124,714.53
155	$124,714.53	$727.5	$125,441.99	$1,272.4964	$124,169.49
156	$124,169.49	$724.3	$124,893.77	$1,272.4964	$123,621.28
157	$123,621.28	$721.1	$124,342.36	$1,272.4964	$123,069.86
158	$123,069.86	$717.9	$123,787.73	$1,272.4964	$122,515.23
159	$122,515.23	$714.6	$123,229.87	$1,272.4964	$121,957.37
160	$121,957.37	$711.4	$122,668.75	$1,272.4964	$121,396.25
161	$121,396.25	$708.1	$122,104.35	$1,272.4964	$120,831.86
162	$120,831.86	$704.8	$121,536.67	$1,272.4964	$120,264.17
163	$120,264.17	$701.5	$120,965.67	$1,272.4964	$119,693.18
164	$119,693.18	$698.2	$120,391.35	$1,272.4964	$119,118.85
165	$119,118.85	$694.8	$119,813.67	$1,272.4964	$118,541.18
166	$118,541.18	$691.5	$119,232.63	$1,272.4964	$117,960.13
167	$117,960.13	$688.1	$118,648.19	$1,272.4964	$117,375.69
168	$117,375.69	$684.7	$118,060.35	$1,272.4964	$116,787.85
169	$116,787.85	$681.2	$117,469.07	$1,272.4964	$116,196.58
170	$116,196.58	$677.8	$116,874.35	$1,272.4964	$115,601.86
171	$115,601.86	$674.3	$116,276.16	$1,272.4964	$115,003.67
172	$115,003.67	$670.8	$115,674.48	$1,272.4964	$114,401.99
173	$114,401.99	$667.3	$115,069.29	$1,272.4964	$113,796.80
174	$113,796.80	$663.8	$114,460.57	$1,272.4964	$113,188.08
175	$113,188.08	$660.2	$113,848.30	$1,272.4964	$112,575.81
176	$112,575.81	$656.7	$113,232.46	$1,272.4964	$111,959.96
177	$111,959.96	$653.1	$112,613.03	$1,272.4964	$111,340.53
178	$111,340.53	$649.4	$111,989.98	$1,272.4964	$110,717.48
179	$110,717.48	$645.8	$111,363.30	$1,272.4964	$110,090.80
180	$110,090.80	$642.2	$110,732.96	$1,272.4964	$109,460.47
181	$109,460.47	$638.5	$110,098.95	$1,272.4964	$108,826.45
182	$108,826.45	$634.8	$109,461.24	$1,272.4964	$108,188.74
183	$108,188.74	$631.1	$108,819.80	$1,272.4964	$107,547.31
184	$107,547.31	$627.3	$108,174.63	$1,272.4964	$106,902.14
185	$106,902.14	$623.6	$107,525.70	$1,272.4964	$106,253.20
186	$106,253.20	$619.8	$106,872.97	$1,272.4964	$105,600.48
187	$105,600.48	$616.0	$106,216.45	$1,272.4964	$104,943.95
188	$104,943.95	$612.1	$105,556.09	$1,272.4964	$104,283.59
189	$104,283.59	$608.3	$104,891.88	$1,272.4964	$103,619.38
190	$103,619.38	$604.4	$104,223.79	$1,272.4964	$102,951.30
191	$102,951.30	$600.5	$103,551.81	$1,272.4964	$102,279.31
192	$102,279.31	$596.6	$102,875.91	$1,272.4964	$101,603.41
193	$101,603.41	$592.7	$102,196.07	$1,272.4964	$100,923.57
194	$100,923.57	$588.7	$101,512.26	$1,272.4964	$100,239.76
195	$100,239.76	$584.7	$100,824.46	$1,272.4964	$99,551.96
196	$99,551.96	$580.7	$100,132.65	$1,272.4964	$98,860.15
197	$98,860.15	$576.7	$99,436.80	$1,272.4964	$98,164.31
198	$98,164.31	$572.6	$98,736.90	$1,272.4964	$97,464.40
199	$97,464.40	$568.5	$98,032.91	$1,272.4964	$96,760.42
200	$96,760.42	$564.4	$97,324.82	$1,272.4964	$96,052.32
201	$96,052.32	$560.3	$96,612.60	$1,272.4964	$95,340.10
202	$95,340.10	$556.1	$95,896.22	$1,272.4964	$94,623.72
203	$94,623.72	$551.9	$95,175.66	$1,272.4964	$93,903.17
204	$93,903.17	$547.7	$94,450.90	$1,272.4964	$93,178.41
205	$93,178.41	$543.5	$93,721.92	$1,272.4964	$92,449.42
206	$92,449.42	$539.3	$92,988.68	$1,272.4964	$91,716.18
207	$91,716.18	$535.0	$92,251.16	$1,272.4964	$90,978.67
208	$90,978.67	$530.7	$91,509.34	$1,272.4964	$90,236.85
209	$90,236.85	$526.4	$90,763.20	$1,272.4964	$89,490.70
210	$89,490.70	$522.0	$90,012.70	$1,272.4964	$88,740.21
211	$88,740.21	$517.6	$89,257.83	$1,272.4964	$87,985.33
212	$87,985.33	$513.2	$88,498.55	$1,272.4964	$87,226.05
213	$87,226.05	$508.8	$87,734.84	$1,272.4964	$86,462.35
214	$86,462.35	$504.3	$86,966.68	$1,272.4964	$85,694.19
215	$85,694.19	$499.9	$86,194.04	$1,272.4964	$84,921.54
216	$84,921.54	$495.3	$85,416.89	$1,272.4964	$84,144.39
217	$84,144.39	$490.8	$84,635.21	$1,272.4964	$83,362.71
218	$83,362.71	$486.3	$83,848.97	$1,272.4964	$82,576.47
219	$82,576.47	$481.7	$83,058.14	$1,272.4964	$81,785.64
220	$81,785.64	$477.1	$82,262.70	$1,272.4964	$80,990.20
221	$80,990.20	$472.4	$81,462.62	$1,272.4964	$80,190.12
222	$80,190.12	$467.7	$80,657.87	$1,272.4964	$79,385.37
223	$79,385.37	$463.1	$79,848.43	$1,272.4964	$78,575.93
224	$78,575.93	$458.3	$79,034.27	$1,272.4964	$77,761.77
225	$77,761.77	$453.6	$78,215.35	$1,272.4964	$76,942.86
226	$76,942.86	$448.8	$77,391.66	$1,272.4964	$76,119.17
227	$76,119.17	$444.0	$76,563.17	$1,272.4964	$75,290.68
228	$75,290.68	$439.2	$75,729.85	$1,272.4964	$74,457.35
229	$74,457.35	$434.3	$74,891.66	$1,272.4964	$73,619.16
230	$73,619.16	$429.4	$74,048.58	$1,272.4964	$72,776.09
231	$72,776.09	$424.5	$73,200.59	$1,272.4964	$71,928.09
232	$71,928.09	$419.6	$72,347.65	$1,272.4964	$71,075.15
233	$71,075.15	$414.6	$71,489.73	$1,272.4964	$70,217.24
234	$70,217.24	$409.6	$70,626.82	$1,272.4964	$69,354.32
235	$69,354.32	$404.5	$69,758.86	$1,272.4964	$68,486.37
236	$68,486.37	$399.5	$68,885.85	$1,272.4964	$67,613.35
237	$67,613.35	$394.4	$68,007.74	$1,272.4964	$66,735.24
238	$66,735.24	$389.3	$67,124.51	$1,272.4964	$65,852.01
239	$65,852.01	$384.1	$66,236.13	$1,272.4964	$64,963.63
240	$64,963.63	$378.9	$65,342.56	$1,272.4964	$64,070.07
241	$64,070.07	$373.7	$64,443.79	$1,272.4964	$63,171.29
242	$63,171.29	$368.5	$63,539.77	$1,272.4964	$62,267.27
243	$62,267.27	$363.2	$62,630.48	$1,272.4964	$61,357.98
244	$61,357.98	$357.9	$61,715.88	$1,272.4964	$60,443.39
245	$60,443.39	$352.6	$60,795.95	$1,272.4964	$59,523.46
246	$59,523.46	$347.2	$59,870.66	$1,272.4964	$58,598.16
247	$58,598.16	$341.8	$58,939.96	$1,272.4964	$57,667.47
248	$57,667.47	$336.4	$58,003.84	$1,272.4964	$56,731.35
249	$56,731.35	$330.9	$57,062.26	$1,272.4964	$55,789.76
250	$55,789.76	$325.4	$56,115.19	$1,272.4964	$54,842.69
251	$54,842.69	$319.9	$55,162.59	$1,272.4964	$53,890.09
252	$53,890.09	$314.3	$54,204.43	$1,272.4964	$52,931.93
253	$52,931.93	$308.8	$53,240.69	$1,272.4964	$51,968.19
254	$51,968.19	$303.1	$52,271.32	$1,272.4964	$50,998.82
255	$50,998.82	$297.5	$51,296.30	$1,272.4964	$50,023.80
256	$50,023.80	$291.8	$50,315.59	$1,272.4964	$49,043.10
257	$49,043.10	$286.1	$49,329.16	$1,272.4964	$48,056.67
258	$48,056.67	$280.3	$48,336.98	$1,272.4964	$47,064.49
259	$47,064.49	$274.5	$47,339.01	$1,272.4964	$46,066.52
260	$46,066.52	$268.7	$46,335.22	$1,272.4964	$45,062.73
261	$45,062.73	$262.9	$45,325.58	$1,272.4964	$44,053.08
262	$44,053.08	$257.0	$44,310.04	$1,272.4964	$43,037.55
263	$43,037.55	$251.0	$43,288.58	$1,272.4964	$42,016.09
264	$42,016.09	$245.1	$42,261.17	$1,272.4964	$40,988.67
265	$40,988.67	$239.1	$41,227.76	$1,272.4964	$39,955.26
266	$39,955.26	$233.1	$40,188.32	$1,272.4964	$38,915.82
267	$38,915.82	$227.0	$39,142.82	$1,272.4964	$37,870.32
268	$37,870.32	$220.9	$38,091.22	$1,272.4964	$36,818.73
269	$36,818.73	$214.8	$37,033.49	$1,272.4964	$35,760.99
270	$35,760.99	$208.6	$35,969.59	$1,272.4964	$34,697.09
271	$34,697.09	$202.4	$34,899.48	$1,272.4964	$33,626.98
272	$33,626.98	$196.1	$33,823.13	$1,272.4964	$32,550.63
273	$32,550.63	$189.9	$32,740.50	$1,272.4964	$31,468.00
274	$31,468.00	$183.6	$31,651.56	$1,272.4964	$30,379.06
275	$30,379.06	$177.2	$30,556.26	$1,272.4964	$29,283.76
276	$29,283.76	$170.8	$29,454.58	$1,272.4964	$28,182.08
277	$28,182.08	$164.4	$28,346.47	$1,272.4964	$27,073.97
278	$27,073.97	$157.9	$27,231.89	$1,272.4964	$25,959.40
279	$25,959.40	$151.4	$26,110.82	$1,272.4964	$24,838.32
280	$24,838.32	$144.9	$24,983.20	$1,272.4964	$23,710.71
281	$23,710.71	$138.3	$23,849.01	$1,272.4964	$22,576.51
282	$22,576.51	$131.7	$22,708.20	$1,272.4964	$21,435.71
283	$21,435.71	$125.0	$21,560.74	$1,272.4964	$20,288.24
284	$20,288.24	$118.3	$20,406.59	$1,272.4964	$19,134.09
285	$19,134.09	$111.6	$19,245.70	$1,272.4964	$17,973.20
286	$17,973.20	$104.8	$18,078.04	$1,272.4964	$16,805.54
287	$16,805.54	$98.0	$16,903.57	$1,272.4964	$15,631.07
288	$15,631.07	$91.2	$15,722.25	$1,272.4964	$14,449.75
289	$14,449.75	$84.3	$14,534.04	$1,272.4964	$13,261.54
290	$13,261.54	$77.4	$13,338.90	$1,272.4964	$12,066.40
291	$12,066.40	$70.4	$12,136.78	$1,272.4964	$10,864.29
292	$10,864.29	$63.4	$10,927.66	$1,272.4964	$9,655.16
293	$9,655.16	$56.3	$9,711.48	$1,272.4964	$8,438.99
294	$8,438.99	$49.2	$8,488.21	$1,272.4964	$7,215.71
295	$7,215.71	$42.1	$7,257.80	$1,272.4964	$5,985.31
296	$5,985.31	$34.9	$6,020.22	$1,272.4964	$4,747.72
297	$4,747.72	$27.7	$4,775.42	$1,272.4964	$3,502.92
298	$3,502.92	$20.4	$3,523.35	$1,272.4964	$2,250.86
299	$2,250.86	$13.1	$2,263.98	$1,272.4964	$991.49
300	$991.49	$5.8	$997.27	$1,272.4964	-$275.23
	Total	$201,473.7

Particulars	Amount
Total interest payable if extra amount not paid	$251,087.04
less: Interest paid	$201,473.7
Savings in interest	$49,613.35

Hence interest savings is $ 49613.35 approximately.The answer is close to $ 49629 as per options

So option 1) $ 49629 is the Correct answer.