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April 20, 2014

Homework Help: Business Math

Posted by Riquetta Elliott on Thursday, June 14, 2012 at 1:46pm.

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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