Denise took out a loan to buy a She-Shed for her house. She decides to...

90.2K

Verified Solution

Question

Calculus

image

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 she's paying $165.20 monthly at 11.5% APR and still has 30 remaining scheduled payments after the payoff, find each of the following:(a) Obtain the value of h from the table above.(b) Use the actuarial method to find the amount of unearned interest. u = kR (h/100+h) where k is the number of remaining payments and R is the monthly payment.(c) Find the payoff amount. Payoff amount = (k + 1)R-u

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students