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
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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
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