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:

SELL Sequence

An acronym or model outlining a systematic approach to selling that typically includes steps like Show features, Explain benefits, Lead into advantages, and Let customers speak.

Business Proposition

An offer or plan presented to a person or group with details about benefits and costs, aiming to persuade or inform the receiver towards making a business decision.

Marketing Plan

A strategic blueprint that outlines a company's overall marketing efforts, including objectives, market analysis, strategies, and tactics.

Trial Close

A sales technique involving asking a potential customer a question that assumes the sale is going to be made, in order to gauge their readiness to buy.