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Solve the Problem Using the Rule of 78s

question 33

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Solve the problem using the rule of 78s.
-A college student buys a used car for $5000. She makes a down payment of $1,100 and finances the Balance at 8.5% APR over 24 months. Before making the 15th payment, she decides to pay the Remaining balance on the loan. How much interest will the student save?


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