Use the Actuarial Method to Find the Payoff Amount for the Loan

question 108

Multiple Choice

Use the actuarial method to find the payoff amount for the loan paid in full before its due date.
-Regular Monthly Payment: $231.78 APR: 10%
Remaining Payments After Payoff: 6

• A)$1580.97
• B)$1496.14
• C)$1582.74
• D)$1550.14

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Definitions:

Automatic Dissolve

A process by which a company or partnership ends its existence without formal action or legal proceedings due to predetermined conditions being met.

Transfer to Heirs

The process by which ownership of property or assets is legally passed from a deceased person to their designated inheritors or next of kin.

Metro Delivery

A service focused on the fast and efficient transportation of goods within metropolitan or urban areas.

Franchise Arrangement

A legal and commercial relationship between the owner of a trademark, service mark, trade name, or advertising symbol and an individual or group wishing to use that identification in a business.