Juanita Hernandez bought a computer system for
$1300
. She made a down payment of
$130
and arranged to make 23 monthly payments of
$59.35
. After making 14 payments she decided to pay the loan in full. Use the Rule of 78 to determine the unearned interest and the amount necessary to pay the loan in full. The unearned interest is
$
(Round to the nearest cent.) The amount required to pay the loan in full is
$
(Round to the nearest cent.)

Question

Juanita Hernandez bought a computer system for

$1300

. She made a down payment of

$130

and arranged to make 23 monthly payments of

$59.35

. After making 14 payments she decided to pay the loan in full. Use the Rule of 78 to determine the unearned interest and the amount necessary to pay the loan in full. The unearned interest is

$

(Round to the nearest cent.) The amount required to pay the loan in full is

$

(Round to the nearest cent.)

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