Business Math
posted by Riquetta Elliott .
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.)
Respond to this Question
Similar Questions

Business Math
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 … 
Business Finance
Assume a bank loan requires a interest payment of $85 per year and a principal payment of $1,000 at the end of the loan's eightyear life. a) How much could this loan be sold for to another bank if loans of similar quality carried … 
Business Math
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 … 
Business Math
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 … 
MATH
Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement … 
math
12.value: 10.00 points Joanne Flynn bought a new boat for $15,400. She put a $2,600 down payment on it. The bank’s loan was for 46 months. Finance charges totaled $4,859.86. Assume Joanne decided to pay off the loan at the end of … 
math
Jeanna wants to buy a new boat for her family. She has two payment options. The first option is to pay a cash payment of $7,200. The second option is to finance the boat with a threeyear instalment loan. The loan requires a 10% down … 
Business Math
Jeanna wants to buy a new boat for her family. She has two payment options. The first option is to pay a cash payment of $7,200. The second option is to finance the boat with a three year installment loan. The loan requires a 10% down … 
Math
A family purchased a new ski boat for $20,000. The loan agency required a down payment and financed the balance for 36 months with an APR of Determine the total finance charge and monthly payment for the loan. 
Finance
A family purchased a new ski boat for $20,000. The loan agency required a down payment and financed the balance for 36 months with an APR of Determine the total finance charge and monthly payment for the loan.