Jordan purchased a Chevy Silverado 1500 pickupP truck Tor iIs lawn service for $30, T00. He made a $13,50U down payment and financed the rest at 7.17% for 48 months. His monthly payments were $398.82. (a) After 33 payments, Jordan decides to pay off the loan early. Use the Rule of 78 to determine the finance charge rebate. Finance charge rebate: $ (b) Use the answer to part (a) to calculate the loan payoff amount. Loan payoff amount: $

Jordan purchased a Chevy Silverado 1500 pickupP truck Tor iIs lawn service for $30, T00. He made a $13,50U down payment and financed the rest at 7.17% for 48 months. His monthly payments were $398.82. (a) After 33 payments, Jordan decides to pay off the loan early. Use the Rule of 78 to determine the finance charge rebate. Finance charge rebate: $ (b) Use the answer to part (a) to calculate the loan payoff amount. Loan payoff amount: $

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

Jordan purchased a Chevy Silverado 1500 pickup truck for TIs tawn servVice for $30, 100. He made a $13,500
down payment and financed the rest at 7.17% for 48 months. His monthly payments were $398.82.
(a) After 33 payments, Jordan decides to pay off the loan early. Use the Rule of 78 to determine the
finance charge rebate.
Finance charge rebate: $
(b) Use the answer to part (a) to calculate the loan payoff amount.
Loan payoff amount: $

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