May finances a refrigerator for $1,250 by taking out an installment loan for 48

Question

May finances a refrigerator for $1,250 by taking out an installment loan for 48 months. The payments are $38.54 per month and the total finance charge is $599.92. After 30 months, May decided to pay off the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find her loan payoff. Answer a. $824.96 b. $425.04 c. $896.96 d. $606.49

Tammi purchased a ring costing $30,000 by taking out a 5.5% add-on installment loan. The loan requires a 25% down payment and equally monthly payments for 4 years. How much are her monthly payments? Answer a. $681.75 b. $529.52 c. $695.24 d. $571.88 May finances a refrigerator for $1,250 by taking out an installment loan for 48 months. The payments are $38.54 per month and the total finance charge is $599.92. After 30 months, May decided to pay off the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find her loan payoff. Answer a. $824.96 b. $425.04 c. $896.96 d. $606.49

Tammi purchased a ring costing $30,000 by taking out a 5.5% add-on installment loan. The loan requires a 25% down payment and equally monthly payments for 4 years. How much are her monthly payments? May finances a refrigerator for $1,250 by taking out an installment loan for 48 months. The payments are $38.54 per month and the total finance charge is $599.92. After 30 months, May decided to pay off the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find her loan payoff. May finances a refrigerator for $1,250 by taking out an installment loan for 48 months. The payments are $38.54 per month and the total finance charge is $599.92. After 30 months, May decided to pay off the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find her loan payoff. $824.96 $425.04 $896.96 $606.49

Tammi purchased a ring costing $30,000 by taking out a 5.5% add-on installment loan. The loan requires a 25% down payment and equally monthly payments for 4 years. How much are her monthly payments? $681.75 $529.52 $695.24 $571.88 a. $824.96 b. $425.04 c. $896.96 d. $606.49

Explanation / Answer

the second answer is D

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