Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) $ 9787.22
Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) $ 9787.22
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
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Question
![Suppose you take out a 36-month installment loan to finance a delivery van
for $26,100. The payments are $987 per month, and the total finance
charge is $9,432.
After 25 months, you decide to pay off the loan. After calculating the finance
charge rebate, find your loan payoff (in $). (Round your answer to the
nearest cent.)
$ 9787.22](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F51c1448a-c89d-4dba-9381-6f2dba1d4cca%2F2c12fe0e-93d3-40a6-b425-9c15efe4078e%2Fgdc894b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose you take out a 36-month installment loan to finance a delivery van
for $26,100. The payments are $987 per month, and the total finance
charge is $9,432.
After 25 months, you decide to pay off the loan. After calculating the finance
charge rebate, find your loan payoff (in $). (Round your answer to the
nearest cent.)
$ 9787.22
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