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1 July, 09:08

Hardy borrowed $20,000.00 from the E-Z loan company. The loan is to be repaid in 36 monthly installments of $608.44. At the end of 10 months, Harry decided to pay off the loan. Harry is entitled to a rebate of

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  1. J
    1 July, 11:21
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    Hardy borrowed $20,000.00 from the E-Z loan company. The loan is to be repaid in 36 monthly installments of $608.44. At the end of 10 months, Harry decided to pay off the loan. Harry is entitled to a rebate of $1903.84

    Explanation:

    Loan borrowed $20,000

    per installment for 36 months = $608.44

    but if he pays withing 10 months instead of 36, then we have 36/10 = 3.6 X $608.44

    so he would need to pay $2190.384 per installment for 10 months

    After 10th month he would have paid $21903.84

    Harry is entitled to a rebate of $21903.84 - $20,000 = $1903.84
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