Use the Actuarial Method to Find the Amount of Unearned

question 60

Multiple Choice

Use the actuarial method to find the amount of unearned interest for the loan paid in full before the due date.
-Regular Monthly Payment: $304.84 APR: 12.7%
Remaining Number of Scheduled Payments After Payoff: 31

• A)$1064.81
• B)$1500.12
• C)$1369.62
• D)$1429.51

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Definitions:

Rewards

Compensation or incentives given to individuals or groups for achieving specific goals or performance targets.

Internal Competition

Competitive dynamics within an organization, where members or departments compete against each other for resources, recognition, or advancement.

Diffusion

The process through which innovations, ideas, or practices are spread within a population or community over time.

Innovation

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.