the fraction rebate is 21/71. What is the finance charge rebate and the loan payoff
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You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Financed: $4,700 Number of Payments: 36 Monthly Payment: $167.33 Payments Made: 32 Rebate Fraction: 10/666 Finance Charge Rebate: $ 167.33 Loan Payoff: $ 145,045.44
Danielle F.
Franki finances a motor home for $44,300 by taking out an installment loan for 36 months. The payments were $1,784.31 per month and the total finance charge was $19,935.16. After 21 months, Franki decided to pay off the loan. After calculating the finance charge rebate, find the loan payoff amount.
Scott finances a Jet Ski for $4,200 by taking out an installment loan for 48 months. The payments are $154.33 per month and the total finance charge is $3,207.84. After 36 months, Scott decided to pay off the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find his loan payoff. $212.76 $1,355.88 $1,639.20 $1,753.76
Madhur L.
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