Chapter 13, Problem 13CR

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

The finance charge ________ is the unearned portion of the finance charge that is returned to a borrower when an installment loan is paid off early. (13-8)

To determine

**To fill:** The blank space provided for the statement, “The finance charge _____ is the unearned portion of the finance charge that is returned to a borrower when an installment loan is paid off early.”

Explanation

Finance charge rebate is generated when the loans are paid off early and it is entitled to the borrower as the principal was not kept for all time on which the finance charge is calculated.

It is an obligation to the lender that has to be paid if the account pays off before maturity...

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