Solve the Problem Using the Rule of 78s

question 148

Multiple Choice

Solve the problem using the rule of 78s.
-Veronica used a fixed installment loan from her bank to finance her new car purchase. She Borrowed $26,000 and has a 60 monthly payments of $585.00 each. Instead of making her 49th Payment, Veronica decides to pay the remaining balance on the loan. What is the total amount due To pay off the balance?

• A) $5801.46
• B) $6152.23
• C) $6691.80
• D) $6106.80

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Definitions:

Preventing Sexual Assault

Measures and efforts aimed at stopping unwanted or forced sexual actions against a person, promoting safety and consent.

Mass Customization

A manufacturing and marketing technique that combines the flexibility of custom-made products with the low unit costs associated with mass production.

One-of-kind Custom Instruments

Refers to uniquely designed and built instruments tailored specifically to individual preferences or requirements.

Institutional Buyers

Large entities such as mutual funds, pension funds, and insurance companies that purchase securities in substantial volumes.