Joanne Flynn bought a new boat for $21, 500. She will apply $1,500 as the down payment on the boat. The bank’s loan was for 48 months. Finance charges totaled $6,000.00. Assume Joanne decided to pay off the loan after making the 25th month. (She makes 25 payments).   Step 1 Find the balance remaining Step 2 Calculate the total finance charge Step 3 Find the number of payments remaining Step 4 Set up the rebate fraction Step 5 Calculate the rebate amount of the finance charge Step 6 Calculate the payoff

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