Use the Actuarial Method to Find the Amount of Unearned

question 105

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: $455.78 APR: 12%
Remaining Number of Scheduled Payments After Payoff: 36

• A)$2783.45
• B)$2685.51
• C)$3427.01
• D)$1757.94

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Definitions:

Davy Crockett

Davy Crockett was a 19th-century American folk hero, frontiersman, soldier, and politician, known for his adventures and his defense of the Alamo during the Texas Revolution.

Seminole

Refers to a Native American tribe originally from Florida, known for their resistance against United States forces during the Seminole Wars.

American Forces

Refers to the military branches of the United States, including the Army, Navy, Air Force, Marine Corps, and Coast Guard, tasked with defense and international peacekeeping.

Land Area

The total geographical area covered by a city, region, country, or property, usually measured in square kilometers or miles.