Answer:
refund fraction is 0.138
Step-by-step explanation:
given data
loan time = 60 month
remaining time = 22 month
to find out
refund fraction
solution
we will apply here refund fraction that is
refund fraction = remaining time / loan time .............1
refund fraction = 22 + 21 + 20 + ......+1) / ( 60 + 59 + 58 + 57 + ..... +1 )
refund fraction = ( 22 + 1 ) × 22/2 / ( 60 + 1 ) × 60/2
refund fraction = 253 / 1830
refund fraction = 0.13825
so refund fraction is 0.138
