Use the Rule of 78 to Find the Payoff Amount

question 219

Multiple Choice

Use the Rule of 78 to find the payoff amount for the loan paid in full before the date of maturity.
-Finance charge: $9283 Total number of payments: 59
Amount per payment: $476
Remaining number of payments, when paid in full: 41

• A)$15,691.40
• B)$15,215.40
• C)$15,476.37
• D)$15,000.37

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Definitions:

Hostile Environment

A workplace situation where harassment or discriminatory practices make it difficult for an employee to work.

Economic Prejudice

Biased or unfair treatment of individuals or groups based on economic status or condition, leading to inequality and social division.

Cognitive Categorization

The process by which the brain organizes and interprets information by grouping similar objects, events, or people into categories.

Sexual Harassment

Unwanted or inappropriate sexual remarks or physical advances in a workplace or other professional or social situation.