(a) What is the rebate fraction of a 36 month loan paid off after the 15th payment ? (b) what is the rebate fraction of a 42 month loan paid off after the 18th payment ?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
(a) What is the rebate fraction of a 36 month loan paid off after the 15th payment ?
(b) what is the rebate fraction of a 42 month loan paid off after the 18th payment ?
![Transcription of the image for educational purposes:
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**Problem: Determining Rebate Fractions for Early Loan Payoff**
(a) What is the rebate fraction of a 36-month loan paid off after the 15th payment?
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(b) What is the rebate fraction of a 42-month loan paid off after the 18th payment?
- [Input Box]
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Note: The image shows two parts of a problem related to calculating the rebate fraction when a loan is paid off earlier than the original term. The first part (a) has an incorrect attempt indicated by a red 'X'. The second part (b) has a blank input box for the answer.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F361711c3-144d-4ed1-88f0-c1d437f3556b%2Fda9d48ce-a064-4749-aa93-9856411b7101%2F5kk548_processed.jpeg&w=3840&q=75)
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