Solve the Problem Using the Rule of 78s

question 73

Multiple Choice

Solve the problem using the rule of 78s.
-Jamal has a 60-month fixed installment loan, with a monthly payment of $318.50. The amount he Borrowed was $12,250. Instead of making his 37th payment, Jamal is paying the remaining balance On the loan. How much interest will Jamal save?

• A) $980.55
• B) $1189.82
• C) $1034.62
• D) $931.16

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Definitions:

Organizational Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business or organization.

Reacts To Major Events

Refers to the process of responding or adjusting to significant occurrences or changes in the environment.

Vice President Operations

A senior executive responsible for managing the day-to-day operations of an organization and ensuring operational efficiency.

Organizational Culture

The collective norms, ideologies, and habits that form the cultural and mental framework of a company or institution.