Use the Actuarial Method to Find the Amount of Unearned

question 137

Multiple Choice

Use the actuarial method to find the amount of unearned interest for the loan paid in full before the due date.
-Amount Financed: $23,000 Regular Monthly Payment: $583.34
Total Number of Payments scheduled: 48
Loan repaid in full instead of making: 36th payment

• A)$364.93
• B)$334.52
• C)$382.14
• D)$385.00

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Definitions:

Superego

In Freudian psychoanalysis, represents the ethical component of personality, regulating the impulses of the id according to moral and societal norms.

Defense Mechanisms

Psychological strategies brought into play by individuals or the mind unconsciously to protect against anxiety, social sanctions, or to provide a refuge from reality.

Conscious

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, etc.

Reality

The state of things as they actually exist, as opposed to an idealistic or notional idea of them.