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Use the Actuarial Method to Find the Payoff Amount for the Loan

Question 143

Multiple Choice

Use the actuarial method to find the payoff amount for the loan paid in full before its due date.
-Regular Monthly Payment: $329.42 APR: 10.2%
Remaining Payments After Payoff: 20


A) $6278.42
B) $6364.74
C) $6394.04
D) $6308.06

Correct Answer:

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