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.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $4,600 36 $164.33 31 $ $
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.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $4,600 36 $164.33 31 $ $
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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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 Payment |
Payments Made |
Rebate Fraction |
Finance Charge Rebate |
Loan Payoff |
---|---|---|---|---|---|---|
$4,600 | 36 | $164.33 | 31 | $ | $ |
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