Contemporary Mathematics for Business & Consumers
8th Edition
ISBN: 9781305585447
Author: Robert Brechner, Geroge Bergeman
Publisher: Cengage Learning
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Chapter 13.II, Problem 39RE
You are the loan department supervisor for the Pacific National Bank. The following installment loans are being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate, and the payoff for each loan.
| Amount | Number of | Monthly | Payments | Rebate | FinanceCharge | Loan |
| Financed | Payments | Payment | Made | Fraction | Rebate | Payoff |
| $3,000 | 24 | $162.50 | 9 | 120/300 | $360.00 | $2,077.50 |
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Chapter 13 Solutions
Contemporary Mathematics for Business & Consumers
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