You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Financed Number of Payments Monthly Payment Payments Made Rebate Fraction Finance Charge Rebate Loan Payoff $4,700 36 $168.33 33 $ $
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Financed Number of Payments Monthly Payment Payments Made Rebate Fraction Finance Charge Rebate Loan Payoff $4,700 36 $168.33 33 $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.)
| Amount Financed |
Number of Payments |
Monthly Payment |
Payments Made |
Rebate Fraction |
Finance Charge Rebate |
Loan Payoff |
|---|---|---|---|---|---|---|
| $4,700 | 36 | $168.33 | 33 | $ | $ |
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