Denise took out a loan to buy a She-Shed for her house. She

Last updated: 7/17/2022

Denise took out a loan to buy a She-Shed for her house. She decides to pay the loan back in full before its due date. If she's paying $165.20 monthly at 11.5% APR and still has 30 remaining scheduled payments after the payoff, find each of the following: (a) Obtain the value of h from the table above. (b) Use the actuarial method to find the amount of unearned interest. u = kR (h/100+h) where k is the number of remaining payments and R is the monthly payment. (c) Find the payoff amount. Payoff amount = (k + 1)R-u