Multiple Choice
Solve the problem using the rule of 78s.
-Jamal has a 60-month fixed installment loan, with a monthly payment of $318.50. The amount he Borrowed was $12,250. Instead of making his 37th payment, Jamal is paying the remaining balance On the loan. How much interest will Jamal save?
A) $980.55
B) $1189.82
C) $1034.62
D) $931.16
Correct Answer:
Verified
Correct Answer:
Verified
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