The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount.Regular Monthly PaymentAPR# of Payments Remaining after Payoff8.7%4$214What is the finance charge per $100 financed?h = $(Round to the nearest cent.)The unearned interest is about $(Round to the nearest cent.)The payoff amount is $Enter your answer in each of the answer boxes.f12inserf9f1of7fgf6f4f5esc578.%243%23

Given: APR = 8.7% Regular Monthly Payment = $214. Number of payments after Payoff (n) =4

The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Rernaining after Payoff $214 8.7% 4. What is the finance charge per $100 financed? h = s (Round to the nearest cent.) The unearned interest is about S (Round to the nearest cent.) The payoff amount is $

The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Rernaining after Payoff $214 8.7% 4. What is the finance charge per $100 financed? h = s (Round to the nearest cent.) The unearned interest is about S (Round to the nearest cent.) The payoff amount is $

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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