   Chapter 13, Problem 12AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# After making 11 payments on a 36-month loan, you pay it off.a. What is your rebate fraction?b. If the finance charge was $1,300, what is your finance charge rebate? (a) To determine To calculate: The rebate fraction if payments made are 11 and number of payments are 36. Explanation Given Information: Payments made are 11 and number of payments are 36. Formula used: Sum-of-the-digits formula is computed through the formula: Sum-of-the-digits=n(n+1)2 Where n represent the number of payments. Compute the rebate fraction as follows: Rebate fraction=Sum of the digits of the number of remaining paymentssum of the digits of the total number of payments Calculation: Consider that payments made are 11 and number of payments are 36. Compute the remaining payments by subtracting payment made from total payments. Payment Remaining=3611=25 Hence, the payments remaining are 25. Compute the sum-of-the-digits of the number of remaining payments using the sum-of-digit formula. Substitute n=25, Sum-of-the-digits=n(n+1)2=25(25+1)2=325 Hence, the sum-of-the-digits of the number of remaining payments is 325 (b) To determine To calculate: The finance charge rebate if total finance charge is$1,300.

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