A Borrower Uses an Income Tax Refund to Pay Off

question 45

Essay

A borrower uses an income tax refund to pay off the balance on a fixed installment loan.
Which rules or methods can be used to compute the amount of interest he will save?

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Definitions:

Percentage Style

A format option in spreadsheet and other applications that displays numbers as percentages, usually multiplying the cell value by 100 and adding a percent sign.

Decimal Places

The number of digits to the right of the decimal point in a decimal number, indicating the precision of the value.

Spell Checker Dictionary

A digital repository of words that a spell checking program uses to verify the spelling of words in a text document.

Quick Analysis

A feature in some software applications that allows users to rapidly perform data analysis tasks or apply visualizations to selected data.