Calculate the missing information for the installment loan that is being paid off early. Number of Payments Payments Made Payments Remaining Sum-of-the- Digits Payments Remaining Sum-of-the- Digits Number of Payments Rebate Fraction 18 7

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Q: Calculate the missing information for the installment loan that is off early. Sum-of-the-…

A:

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Q: Calculate the missing information for the installment loan that is being paid off early. Number of…

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.