Multiple Choice
Solve the problem using the rule of 78s.
-The owner of a bowling alley buys new equipment for $41,000. He makes a down payment of $12,000 and finances the balance at 10% APR over 60 months. Before making the 37th payment, the Owner decides to pay the remaining balance on the loan. What is the total amount due to pay off
The balance?
A) $11,802.35
B) $18,336.35
C) $13,585.77
D) $12,969.61
Correct Answer:
Verified
Correct Answer:
Verified
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