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:

Scrotum

An external sac of skin and muscle containing the testicles in males.

Testes

Male reproductive organs that produce sperm and hormones, including testosterone.

Epididymides

The plural form of epididymis, referring to the paired tubular structures attached to the testes where sperm mature and are stored.

Spermatic Cord

Cord formed by the ductus deferens and its associated structures; extends through the inguinal canal into the scrotum.