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24 February, 07:56

Find the refund fraction for a 60-month loan if it is paid in full with 22 months remaining.

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  1. 24 February, 11:33
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    refund fraction is 0.138

    Step-by-step explanation:

    given data

    loan time = 60 month

    remaining time = 22 month

    to find out

    refund fraction

    solution

    we will apply here refund fraction that is

    refund fraction = remaining time / loan time ... 1

    refund fraction = 22 + 21 + 20 + ... + 1) / (60 + 59 + 58 + 57 + ... + 1)

    refund fraction = (22 + 1) * 22/2 / (60 + 1) * 60/2

    refund fraction = 253 / 1830

    refund fraction = 0.13825

    so refund fraction is 0.138
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