QuickHelper

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    Phoniex
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Category > Business & Finance Posted 14 Jun 2017 My Price 15.00

How much will Aaron need to give the lender to pay off the loan?

Question description

 

 

Aaron Carson of Hays, Kansas, obtained a two-year installment loan for $1,500 to buy some furniture eight months ago. The loan had a 12.6 percent APR and a finance charge of $204.72. His monthly payment is $71.03. Aaron has made eight monthly payments and now wants to pay off the remainder of the loan. The lender will use the rule of 78s method to calculate a prepayment penalty.

a. How much will Aaron need to give the lender to pay off the loan?

Answers

QuickHelper
(10)
Status NEW Posted 14 Jun 2017 08:06 PM My Price 15.00

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