Enrique has a 60-month fixed installment loan with a monthlypayment of $70.97. T

Enrique has a 60-month fixed installment loan with a monthlypayment of $70.97. The amount he borrowed was $3500.00 at 8.0%APR. Instead of making his 36th payment Enrique is paying theremaining balance on the loan. Use the actuarial method todetermine how much interest Enrique will save. You may use the APRtable from your textbook to solve this problem. (Book gives us theAPR of 21.66)