Multiple Choice
Use the Rule of 78 to find the amount of unearned interest for the loan paid in full before the date of maturity.
-Amount Financed: $12,250 Regular Monthly Payment: $232.75
Total Number of Payments scheduled: 60
Loan repaid in full instead of making: 36th payment
A) $267.42
B) $281.15
C) $253.03
D) $323.32
Correct Answer:
Verified
Correct Answer:
Verified
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