An 18-month loan with an interest charge of $782.00 is paid off with 5 months remaining. the finance charge refund is

Hello there!

$182.00

Explanation:

In order to solve this, we would need to use the mark up equation:

x^m=y

x = total mark up

m = the amount of months

y = interest paid

Your equations should look like this:

x^18 = 782.

Now we solve.

x = 1.447^( 1/18) = 1.0208 (this would be the rate per month)

1.0206^13 = 1.303 (this would be the rate for 13 months, since he has 5 months remaining)

782/1.303 = 600

782 - 600 = 182.00

After solving, you would have $182.00 of financed refunded.

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