The finance charge on a copier was $1,778. The loan for copier was to be paid in 18 monthly payments. Find the finance charge refund if it is paid off in eight months.

8/18 = 4/9

(5/9) * 1,778 = ?

$987.78

To find the finance charge refund, we need to calculate the finance charge for the entire loan duration of 18 months, and then subtract the finance charge for eight months.

First, let's calculate the finance charge for the entire 18-month loan duration:

Finance charge for 18 months = $1,778

Now let's calculate the finance charge for eight months:

Finance charge per month = Finance charge for 18 months / 18
= $1,778 / 18

Finance charge for eight months = Finance charge per month * 8
= ($1,778 / 18) * 8

Now we can find the finance charge refund by subtracting the finance charge for eight months from the finance charge for the entire loan duration:

Finance charge refund = Finance charge for 18 months - Finance charge for eight months

Remember to plug in the values into the equations to get the actual answer.