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Solve the Problem Using the Rule of 78

Question 55

Multiple Choice

Solve the problem using the rule of 78.
-A fisherman buys a new boat for $50,000. He makes a down payment of $17,000 and finances the balance at 8.5% APR over 60 months. Before making the 50th payment, the fisherman decides to
Pay the remaining balance on the loan. How much interest will the fisherman save?


A) $347.13
B) $213.07
C) $229.11
D) $193.81

Correct Answer:

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