Hello there!
Answer:
$182.00
Explanation:
In order to solve this, we would need to use the mark up equation:
x^m=y
x = total mark up
m = the amount of months
y = interest paid
Your equations should look like this:
x^18 = 782.
Now we solve.
x = 1.447^( 1/18) = 1.0208 (this would be the rate per month)
1.0206^13 = 1.303 (this would be the rate for 13 months, since he has 5 months remaining)
782/1.303 = 600
782 - 600 = 182.00
After solving, you would have $182.00 of financed refunded.
