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Use the Rule of 78 to Find the Payoff Amount

Question 219

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: $9283 Total number of payments: 59
Amount per payment: $476
Remaining number of payments, when paid in full: 41


A) $15,691.40
B) $15,215.40
C) $15,476.37
D) $15,000.37

Correct Answer:

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