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Author Question: Suppose you take out a 60-month installment loan to finance one year of tuition for 13,100. The ... (Read 113 times)

ereecah

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on: Jun 24, 2018
Suppose you take out a 60-month installment loan to finance one year of tuition for 13,100. The payments are 327.50 per month and the total finance charge is 6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff, using the Rule-of-78.
 A) 7,623.77
  B) 9,406.23
  C) 5,476.23
  D) 11,790.00

Question 2

Chen and Joel invested 60,000 in a business. If Chen invested five times as much as Joel, how much did Chen invest?


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onowka

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Reply #1 on: Jun 24, 2018
Answer to Question 1

B

Answer to Question 2

50,000


ereecah

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Reply 2 on: Jun 24, 2018
Thanks for the timely response, appreciate it

Dinolord

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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