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QUESTION
Joanne Flynn bought a new boat for $14,500. She put a $4,500 down payment on it. The bank's loan was for 48 months. Finance charges totaled $4,400.
Joanne Flynn bought a new boat for $14,500. She put a $4,500 down payment on it. The bank’s loan was for 48 months. Finance charges totaled $4,400.16. Assume Joanne decided to pay off the loan at the end of the 28th month. What rebate would she be entitled to and what would be the actual payoff amount?
