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