Chapter 13.II, Problem 54RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

a. What is the rebate fraction of a 36-month loan paid off after the 14th payment?

b. What is the rebate fraction of a 42-month loan paid off after the 19th payment?

**(a)**

To determine

**To calculate:** The rebate fraction for a

Explanation

**Given Information:**

A loan for

**Formula used:**

Follow the steps to compute the rebate fraction:

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

Where *n* represent the number of payments.

Compute the rebate fraction as,

**Calculation:**

Consider that a loan for

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 by substituting *n* to

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

**(b)**

To determine

**To calculate:** The rebate fraction for a

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