Solve the Problem Using the Rule of 78s

question 29

Multiple Choice

Solve the problem using the rule of 78s.
-Dallas Wright took out a 48-month fixed installment loan of $6500 to purchase a new all-terrain Vehicle (ATV) . He began making monthly payments of $175.50. Instead of making his 27th Payment, Dallas decides to repay his loan in full. How much interest will Dallas save?

• A) $377.93
• B) $29.30
• C) $358.19
• D) $1654.71

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Definitions:

Networks

The interconnected system of nodes (which can be individuals, organizations, or computers) that allows for the exchange of information, resources, or services.

Support

Assistance or aid provided to individuals or organizations to help them cope, grow, or improve.

Social Relation

The interactions between individuals or groups, including their connections and the social fabric that creates society.

Influence

The capacity to have an effect on the character, development, or behavior of someone or something, or the effect itself.