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

Question 48

Multiple Choice

Use the actuarial method to find the payoff amount for the loan paid in full before its due date.
-Amount Financed: $11,000 Regular Monthly Payment: $231.02
Total Number of Payments scheduled: 60
Loan repaid in full instead of making: 30th payment


A) $6219.09
B) $6147.37
C) $6047.60
D) $6378.39

Correct Answer:

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