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Use the Rule of 78 to Find the Payoff Amount

Question 118

Multiple Choice

Use the Rule of 78 to find the payoff amount for the loan paid in full before the date of maturity.
-Finance charge: $23,156 Total number of payments: 281
Amount per payment: $256
Remaining number of payments, when paid in full: 6


A) $1527.23
B) $1523.73
C) $1779.73
D) $1783.23

Correct Answer:

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