Unearned Interest by the Actuarial Method Each loan was paid in full before its due date. (a) Obtain the value of h from Table 5. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. 17. 18. 19. 20. Regular Monthly Payment $346.70 $783.50 $595.80 $314.50 APR 4.0% 5.5% 7.0% 9.0% Remaining Number of Scheduled Payments after Payoff 18 12 6 24

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Author:Amos Gilat
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Unearned Interest by the Actuarial Method Each loan was
paid in full before its due date. (a) Obtain the value of h
from Table 5. Then (b) use the actuarial method to find
the amount of unearned interest, and (c) find the payoff
amount.
17.
18.
19.
20.
Regular
Monthly
Payment
$346.70
$783.50
$595.80
$314.50
APR
4.0%
5.5%
7.0%
9.0%
Remaining Number of
Scheduled Payments
after Payoff
18
12
6
24
Transcribed Image Text:Unearned Interest by the Actuarial Method Each loan was paid in full before its due date. (a) Obtain the value of h from Table 5. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. 17. 18. 19. 20. Regular Monthly Payment $346.70 $783.50 $595.80 $314.50 APR 4.0% 5.5% 7.0% 9.0% Remaining Number of Scheduled Payments after Payoff 18 12 6 24
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