Cameron decides to pay off his car loan at the end of 5 years rather than paying for 7 years as originally agreed. If the the monthly payments are $316 with an APR of 7%, use the formulas: h W=AR($100+) and u=kR h Payoff amount = (k+ 1)R-u where k = additional payments, R = regular monthly payments, h is the finance charge per $100, and u = unearned interest Find the unearned interest and payoff amount (the amount required to pay off the loan at the end of 5 years). Review calculating payoff amounts here. Use the APR table here. O Unearned interest: $525.83 Payoff amount: $7374.17 O Unearned interest: $572.46 Payoff amount: $7643.54 O Unearned interest: $572.46 Payoff amount: $7327.54 O Unearned interest: $525.83 Payoff amount: $7058.17
Cameron decides to pay off his car loan at the end of 5 years rather than paying for 7 years as originally agreed. If the the monthly payments are $316 with an APR of 7%, use the formulas: h W=AR($100+) and u=kR h Payoff amount = (k+ 1)R-u where k = additional payments, R = regular monthly payments, h is the finance charge per $100, and u = unearned interest Find the unearned interest and payoff amount (the amount required to pay off the loan at the end of 5 years). Review calculating payoff amounts here. Use the APR table here. O Unearned interest: $525.83 Payoff amount: $7374.17 O Unearned interest: $572.46 Payoff amount: $7643.54 O Unearned interest: $572.46 Payoff amount: $7327.54 O Unearned interest: $525.83 Payoff amount: $7058.17
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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i just need correct answer. i attached the apr table.
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