Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Step 3 The finance charge rebate was found to be $916.86. To find the amount needed to pay off the loan, the following formula will

image text in transcribed
Step 3 The finance charge rebate was found to be $916.86. To find the amount needed to pay off the loan, the following formula will be used. loan payoff - (payments remaining x payment amount) - finance charge rebate We determined there are 11 payments remaining, and each payment is $982. Find the amount needed to pay off the loan. loan payoff - (payments remaining x payment amount) - finance charge rebate - (11 x 982 ) - 916.86 9,885.14 Therefore, after 25 monthly payments of $982 each the amount needed to pay off a loan of $26,100 is $ X. Submit Skip (you cannot come back) Need Help? Road it Watch It Submit Answer View Previous Question question 8 of 10 View Next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions