The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $470.59 APR 9.0% (a) h = $ Remaining Number of Scheduled Payments after Payoff 24 Click the icon to view the annual percentage rate table.
The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $470.59 APR 9.0% (a) h = $ Remaining Number of Scheduled Payments after Payoff 24 Click the icon to view the annual percentage rate table.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
100%

Transcribed Image Text:The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial
method to find the amount of unearned interest, and (c) find the payoff amount.
Regular Monthly
Payment
$470.59
APR
(a) h = $
9.0%
Remaining Number of Scheduled
Payments after Payoff
24
Click the icon to view the annual percentage rate table.

Transcribed Image Text:APR Table
Number of
Monthly
Payments (n)
6
12
18
24
30
36
48
60
4.0%
1.17
2.18
3.20
4.5%
1.32
2.45
1.46
2.73
4.00
5.29
6.59
7.90
9.46
10.54
11.86 13.23
5.0%
3.60
4.22
4.75
5.25
5.92
6.29 7.09
8.38
10.50
5.5%
1.61
3.00
4.41
5.83
7.29
8.71
11.63
14.61
Annual Percentage Rate (APR) for Monthly Payment Loans
Annual Percentage Rate (APR)
8.5% 9.0% 9.5%
6.5% 7.0% 7.5% 8.0%
Finance Charge per $100 of Amount Financed (h)
2.64
2.79
2.94
3.08
3.23 3.38 3.53
4.94
5.22
5.50
5.78
6.06
6.34
6.62
2.49
2.20 2.35
4.39 4.66
4.11
6.04
7.45 8.00
9.98
9.30
6.45
6.86
7.28
7.69
8.10
8.52
8.93
9.35
9.77
9.09
9.64
12.42
12.98
8.55
10.66
11.16 11.98 12.81
11.30 11.86
10.19 10.75
15.54
14.83
14.13
12.74 13.43
11.35 12.04
16.16 17.01 17.86 18.71
13.64 14.48 15.32
19.45 20.59
22.90 24.06 25.23
20.59 21.74
16.06 17.18 18.31
27.48 28.96
20.23 21.66 23.10 24.55 26.01
14.94
18.81
28.96 30.45 31.96
6.0%
1.90
2.05
3.56 3.83
5.22 5.63
1.76
3.28
4.82
6.37 6.91
7.94 8.61
9.52
10.34
12.73
13.83
16.00 17.40
10.0% 10.5% 11.0% 11.5% 12.0%
16.24
19.57
26.40
33.47
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images

Recommended textbooks for you

Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated

Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY

Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated

Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY

Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,

