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A person purchased a boat for $15,500 and financed it over 5 years at a rate 4.25% with monthly payments of $313.29 by an

A person purchased a boat for $15,500 and financed it over 5 years at a rate 4.25% with monthly payments of $313.29 by an add on interest loan. The person is paying off the loan 18 months early. The corresponding APR is 7.5% and the finance charge per hundred for the early pay off is $6.04. Use the Actuarial Method to calculate the unearned interest. Round to the nearest cent.

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