Question

the loan below was paid in full before its due date. (a) obtain the value of h from the annual percentage rate table. then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount.

regular monthly payment: \\$468.82
apr: 9.5%
remaining number of scheduled payments after payoff: 6

click the icon to view the annual percentage rate table.

(a) h = \\$2.79
(b) the unearned interest is \\$ (round to the nearest cent as needed.)

Explanation:

Identify given values and formula

$$
LATEXBLOCK0
$$

Calculate unearned interest

$$
LATEXBLOCK1
$$

Answer:

(b) The unearned interest is $\$76.35</blank>$. (Round to the nearest cent as needed.)