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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 calcula (Round dollars to the nearest cent.) Amount Financed Number of Monthly Payments Payments Payment Made Rebate Fraction Finance Charge Rebate Loan Payoff $4,700 36 $167.33 29 15/666 X $ 85.76 $785 89 X

You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calcula (Round dollars to the nearest cent.) Amount Financed Number of Monthly Payments Payments Payment Made Rebate Fraction Finance Charge Rebate Loan Payoff $4,700 36 $167.33 29 15/666 X $ 85.76 $785 89 X

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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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 Payments Rebate Payment Made Fraction Finance Charge Rebate $4,700 36 $167.33 29 15/666 X $ 85.76 Loan Payoff x $785 89
Transcribed Image Text: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 Payments Rebate Payment Made Fraction Finance Charge Rebate $4,700 36 $167.33 29 15/666 X $ 85.76 Loan Payoff x $785 89
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