Answer:
finance charge refund is $91.53
Step-by-step explanation:
given data
finance charge F = $476
time t = 12 month
no of payment n = 5
to find out
finance charge refund
solution
we will apply here finance charge refund formula that is
finance charge refund = F × [tex]\frac{n * (n+1)}{t* (t+1)}[/tex]
put here value we get
finance charge refund = 476 × [tex]\frac{5 * (5+1)}{12* (12+1)}[/tex]
finance charge refund = 476 × [tex]\frac{5 * (6)}{12 * (13)}[/tex]
finance charge refund = 476 × [tex]\frac{30}{156}[/tex]
finance charge refund = 476 × 0.1923
finance charge refund = 91.53
so finance charge refund is $91.53
