Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
The loan given below was paid off early. Find the uneared interest by (a) the actuarial method and (b) the rule of 78. Amount Regular
The loan given below was paid off early. Find the uneared interest by (a) the actuarial method and (b) the rule of 78. Amount Regular Total Number of Remaining Number of Financed Monthly Payments Scheduled Payments Payments Scheduled After Payoff $3,500 $211.00 18 6 Click the icon to view the annual percentage rate table (a) The uneared interest calculated using the actuarial method is (Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as needed.) (b) The unearned interest calculated using the rule of 78 is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as needed.) Enter your answer in each of the answer boxes
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started