Repayment Comparisons Christine Biko took a world cruise
Chapter 11, Problem 11.1.223(choose chapter or problem)
Repayment Comparisons Christine Biko took a world cruise that had a cash price of $23,000 by paying 10% down and financing the balance with a 48-month fixed installment loan. The APR on the loan was 6.0%. Before making the 12th payment, Christine decides to pay off the loan. a) Determine the original finance charge on the 48-month loan. b) Determine Christines monthly payment. c) If the actuarial method is used, determine the amount of interest Christine will save by paying the loan off early. d) If the rule of 78s (see Exercise 39) is used, determine the amount of interest Christine will save by paying the loan off early.
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