Solve the Problem Using the Rule of 78s

question 14

Multiple Choice

Solve the problem using the rule of 78s.
-Hassan used a fixed installment loan from his bank to finance his used car purchase. He borrowed $5500 and has a 36 monthly payments of $220.00 each. Instead of making his 13th payment, Hassan decides to pay the remaining balance on the loan. How much interest will Hassan save?

• A) $971.84
• B) $1153.32
• C) $1083.11
• D) $1002.88

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Definitions:

Gender

Socially constructed roles, behaviors, expressions, and identities associated with being male, female, or non-binary.

Ethnicity

A social identity category that encompasses shared cultural practices, perspectives, and distinctions that set apart one group of people from another.

Negative View

A perspective or attitude that emphasizes criticism, pessimism, or a lack of confidence in outcomes rather than positive aspects.

Self

The self encompasses the individual's awareness of their personal identity, including their thoughts, feelings, and experiences.