You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.)

Amount Financed	Number of Payments	Monthly Payment	Payments Made	Rebate Fraction	Finance Charge Rebate	Loan Payoff
$1,800	18	$125.89	13		$	$

Answer rating: 100% (QA)

To calculate the rebate fraction we first need to determine the number of payments remaining ... View the full answer