Find the refund fraction on a 30-month loan with interest of $2,802 if the loan is paid in full with 7 months remaining. The refund fraction is (Type an integer or a fraction.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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Find the refund fraction on a 30-month loan with interest of $2,802 if the loan is paid in full with 7 months remaining.
The refund fraction is
(Type an integer or a fraction.)
Transcribed Image Text:Find the refund fraction on a 30-month loan with interest of $2,802 if the loan is paid in full with 7 months remaining. The refund fraction is (Type an integer or a fraction.)
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