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Calculate the missing information for the installment loan that is being paid off early. Number of Payments Payments Made Payments Remaining Sum-of-the- Digits Payments
Calculate the missing information for the installment loan that is being paid off early. Number of Payments Payments Made Payments Remaining Sum-of-the- Digits Payments Remaining Sum-of-the- Digits Number of Payments Rebate Fraction 18 4 Submit Answer -/7.14 Points] DETAILS BRECMBC9 13.11.042. MY NOTES ASK YOUR TEACHER 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 Number of Monthly Payments Payments Rebate Payment Made Fraction $4,900 36 $167.33 28 [-/7.14 Points] DETAILS BRECMBC9 13.11.050. +A Finance Charge Rebate 69 Loan Payoff MY NOTES ASK YOUR TEACHER Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.) %
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