Franki finances a motor home for $44,700 by taking out an installment loan for 36 months. The payments were $1,764.31 per month and the total finance charge was $18,815.16. After 25 months, Franki decided to pay off the loan. After calculating the finance charge rebate, find the loan payoff amount. $17,542.84 $18,701.14 $25,292.59 $38,222.57

Franki finances a motor home for $44,700 by taking out an installment loan for 36 months. The payments were $1,764.31 per month and the total finance charge was $18,815.16. After 25 months, Franki decided to pay off the loan. After calculating the finance charge rebate, find the loan payoff amount. $17,542.84 $18,701.14 $25,292.59 $38,222.57

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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