Chapter 13, Problem 12AT

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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

Explanation

**Given Information:**

Payments made are

**Formula used:**

Sum-of-the-digits formula is computed through the formula:

Where *n* represent the number of payments.

Compute the rebate fraction as follows:

**Calculation:**

Consider that payments made are

Compute the remaining payments by subtracting payment made from total payments.

Hence, the payments remaining are

Compute the sum-of-the-digits of the number of remaining payments using the sum-of-digit formula.

Substitute

Hence, the sum-of-the-digits of the number of remaining payments is

**(b)**

To determine

**To calculate:** The finance charge rebate if total finance charge is

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