Joanne Flynn bought a new boat for $43,200.00. She put $3,200.00 down. The bank loan was for 36 months and interest charges totaled $5,000.00. Assume Joanne decided to pay the loan off after making 20 payments. 1.) What rebate would she be entitled to and 2.) what would the actual payoff amount be?

Step 1 Find the balance remaining.
Step 2 Calculate the total finance charge.
Step 3 Find the number of payments remaining.
Step 4 Set up the rebate fraction.
Step 5 Calculate the rebate amount of the finance charge.
Step 6 Calculate the payoff.

Find the finance charge on a credit card if the average daily balance for March is $465.00 and the monthly interest rate is 1.5%.