Multiple Choice
Solve the problem using the rule of 78.
-Jamal has a 60-month fixed installment loan, with a monthly payment of $276.00. The amount he borrowed was $11,500. Instead of making his 39th payment, Jamal is paying the remaining balance
On the loan. How much interest will Jamal save?
A) $734.53
B) $638.72
C) $600.34
D) $574.85
Correct Answer:
Verified
Correct Answer:
Verified
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