Author Question: Scott finances a Jet Ski for 4,600 by taking out an installment loan for 48 months. The payments are ... (Read 448 times)

TFauchery · **on:** Jun 24, 2018

Scott finances a Jet Ski for 4,600 by taking out an installment loan for 48 months. The payments are 153.33 per month and the total finance charge is 2,759.84. After 36 months, Scott decided to pay off the loan. After calculating the finance charge rebate (using the Rule-of-78), find his loan payoff.
A) 276.99
B) 1,562.97
C) 1,839.96
D) 1,656.91

Question 2

A new machine can produce three more than twice the production per hour of the old machine. If the new machine can produce 187 units per hour, how many did the old machine produce?