SOLUTION: I am trying to figure out how to calculate the interest refund if the finance charge is $224.00, and the length of the loan is 24 months and is paid off in 10 months, what is the

Question 928634: I am trying to figure out how to calculate the interest refund if the finance charge is $224.00, and the length of the loan is 24 months and is paid off in 10 months, what is the interest refund?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
I am trying to figure out how to calculate the interest refund if the finance charge is $224.00, and the length of the loan is 24 months and is paid off in 10 months, what is the interest refund?
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224/24 = $9.33/month
10*9.33 = 93.33
224 - 93.33 = $130.67
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That's the linear math solution, but there's fine print somewhere from the lender so you won't get that much.
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