Nancy Finances a Hot Tub for $5,700 by Taking Out

question 74

Short Answer

Nancy finances a hot tub for $5,700 by taking out an installment loan for 60 months. The payments were $161.50 per month and the total finance charge was $3,990. After 24 months, Nancy decided to pay off the loan. After calculating the finance charge rebate, find her loan payoff amount.

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Definitions:

Variable

A concept that can take on more than one value.

Selective Observation

The tendency to notice or focus on information that confirms one’s preconceptions, while ignoring contradictory evidence.

Automobile Accident

An unexpected, undesirable event involving a vehicle, often leading to damage or injury, and attributed to human error, environmental conditions, or technical failure.

Observers

Individuals or entities that watch or monitor activities, events, or behaviors without directly participating.