Denise took out a loan to buy a She-Shed for her house. She decides to pay the loan back in full before its due date. If
Posted: Sun Jul 10, 2022 11:12 am
Denise took out a loan to buy a She-Shed for her house. Shedecides to pay the loan back in full before its due date. If sheβspaying $165.20 monthly at 11.5% APR and still has 30 remainingscheduled payments after the payoff, find each of thefollowing:
(a) Obtain the value of h from the tableabove.
(b) Use the actuarial method to find the amount ofunearned interest. π’ = ππ ( h ) 100+h
where k is the number of remaining payments and R is the monthlypayment.
(c) Findthepayoffamount.Payoffamount=(π+1)π βπ’
(a) Obtain the value of h from the tableabove.
(b) Use the actuarial method to find the amount ofunearned interest. π’ = ππ ( h ) 100+h
where k is the number of remaining payments and R is the monthlypayment.
(c) Findthepayoffamount.Payoffamount=(π+1)π βπ’