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Calculate the rebate amount of the finance charge

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Reference no: EM133073686

Question - Joanne Flynn bought a new boat for $21, 500. She will apply $1,500 as the down payment on the boat. The bank's loan was for 48 months. Finance charges totaled $6,000.00. Assume Joanne decided to pay off the loan after making the 25th month. (She makes 25 payments).

Required -

1. Find the balance remaining.

2. Calculate the total finance charge.

3. Find the number of payments remaining.

4. Set up the rebate fraction.

5. Calculate the rebate amount of the finance charge.

6. Calculate the payoff.

Reference no: EM133073686

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