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

question 46

Multiple Choice

Use the actuarial method to find the payoff amount for the loan paid in full before its due date.
-Regular Monthly Payment: $646.54 APR: 14.5%
Remaining Payments After Payoff: 18

• A)$11,088.81
• B)$11,049.44
• C)$10,810.47
• D)$11,010.58

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Definitions:

Land Account Transaction

An accounting entry that affects the balance of the land account, recording the acquisition, improvement, or disposal of land.