Question
Scott finances a Jet Ski for $4,600 by taking out an installment loan for 48 months. The payments are $153.33 per month and the total
Scott finances a Jet Ski for $4,600 by taking out an installment loan for 48 months. The payments are $153.33 per month and the total finance charge is $2,759.84. 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.
| $276.99 | ||
| $1,562.97 | ||
| $1,839.96 | ||
| $1,656.91 |
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Fundamentals Of Corporate Finance
Authors: Richard A. Brealey, Marcus, Alan J, Myers, Stewart C.
2nd Edition
0070074860, 9780070074866
