Use the rule of 78 to find the finance charge refund if the Finance charge was $476 on a 12 month payment plan and the loan was
1 answer:
Answer:
finance charge refund is $91.53
Step-by-step explanation:
given data
finance charge F = $476
time t = 12 month
no of payment n = 5
to find out
finance charge refund
solution
we will apply here finance charge refund formula that is
finance charge refund = F ×
put here value we get
finance charge refund = 476 ×
finance charge refund = 476 ×
finance charge refund = 476 ×
finance charge refund = 476 × 0.1923
finance charge refund = 91.53
so finance charge refund is $91.53
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