Tuesday
October 21, 2014

Homework Help: Business Math

Posted by Riquetta Elliott on Sunday, June 17, 2012 at 5:58pm.

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 this $" sign in your response.). Ok I add 16,200 to 2,800 and I got 19,000. Then I add 19,000 to 5,380 which is equal to 24,380, 50-22=28. Then I use the rule of 78 to get the rebate. 22=406, 50=1,275. 406/1,275*5,380= 1,713.16. Then I divide 24,380/50=487.60. Then I started to find the final payment 487.60*28=13,652.80-1,713.16=11,939.64 which is the final payment. When I click check my work, it shows that 11,939.64 was not the payment. I got the right rebate, but I need the right answer for the final payment. I need to know what am I doing wrong ? Can someone help me.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Business Math - Joanne Flynn bought a new boat for $16,200. She put a $2,800 ...
Business Math - Joanne Flynn bought a new boat for $16,200. She put a $2,800 ...
Business Math - Joanne Flynn bought a new boat for $16,200. She put a $2,800 ...
math - 12.value: 10.00 points Joanne Flynn bought a new boat for $15,400. She ...
math - Jeanna wants to buy a new boat for her family. She has two payment ...
Business Finance - Assume a bank loan requires a interest payment of $85 per ...
Finance Math - Jane made a down payment of 1500 dollars toward the purchase of a...
Business - I am looking at buying a new Camry. I think I can talk them down to $...
Business Math - To help consumers in this tough economic climate, Pikes Peak ...
Business Math - To help consumers in this tough economic climate, Pikes Peak ...

Search
Members