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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 47
Solve the following application problem using 360-day years where applicable.
Karoline Jacobs borrowed $2200 for new kitchen appliances. She agreed to pay the loan back with 8 payments of $290.69 each. After 3 payments, she decides to go ahead and pay off the loan in full. Use the Rule of 78 to find (a) the amount of unearned interest __________ and (b) the amount needed to repay the loan in full. __________ [12.3]
Karoline Jacobs borrowed $2200 for new kitchen appliances. She agreed to pay the loan back with 8 payments of $290.69 each. After 3 payments, she decides to go ahead and pay off the loan in full. Use the Rule of 78 to find (a) the amount of unearned interest __________ and (b) the amount needed to repay the loan in full. __________ [12.3]
Explanation
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This is a problem of finding the amount...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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