1.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 Payments Monthly Payment Payments Made Rebate Fraction Finance Charge Rebate Loan Payoff $4,700 36 $168.33 31 ____ $ ____ $ ___
1.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 Payments Monthly Payment Payments Made Rebate Fraction Finance Charge Rebate Loan Payoff $4,700 36 $168.33 31 ____ $ ____ $ ___
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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1.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 Payments |
Monthly Payment |
Payments Made |
Rebate Fraction |
Finance Charge Rebate |
Loan Payoff |
|---|---|---|---|---|---|---|
| $4,700 | 36 | $168.33 | 31 | ____ | $ ____ | $ ___ |
2.Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.)
| Amount Financed |
Number of Payments |
APR | Table Factor |
Finance Charge |
Monthly Payment |
|---|---|---|---|---|---|
| $9,400 | 36 | 13% | $ ___ | $ ___ | $ ___ |
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