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July 31, 2015

Homework Help: Business Math

Posted by Riquetta Elliott on Wednesday, June 13, 2012 at 10:56pm.

Joanne Flynn bought a new boat for $16,200. She put a $2,800 down payment on it. The bank’s loan was for 50 months. Finance charges totaled $5,380.00. Assume Joanne decided to pay off the loan at the end of the 22th month. (Rule of 78)

What rebate would she be entitled to and what would be the actual payoff amount? (Do not round intermediate calculations. Round your answers to 2 decimal places. Omit the "$" sign in your response.)

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