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

question 177

Multiple Choice

Use the actuarial method to find the payoff amount for the loan paid in full before its due date.
-Regular Monthly Payment: $314.78 APR: 12.7%
Remaining Payments After Payoff: 31

• A)$8523.93
• B)$8596.84
• C)$8973.43
• D)$8658.68

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Definitions:

Increases

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Discretionary Components

Elements of an employee's compensation that are not fixed, including bonuses, incentives, and other forms of variable pay based on performance.

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The total revenue generated by a person or organization before any deductions are made for expenses.

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A measure of how optimistic or pessimistic consumers are regarding their expected financial situation and the overall economy.