An electrician buys a Ford Transit Cargo van for $41,000. After making a $8,000 down...
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Finance
An electrician buys a Ford Transit Cargo van for $41,000. After making a $8,000 down payment, she finances the balance at an APR of 5% for 48 months (4 years).
(a) Determine the monthly loan payment. Monthly loan payment: $ (b) After 33 payments, the electrician decides to pay off the loan early. Use the Rule of 78 to determine the finance charge rebate. Finance charge rebate: $ (c) Use the answer to part (b) to calculate the loan payoff amount. Loan payoff amount: $
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