Use the Rule of 78 to Find the Payoff Amount

question 57

Multiple Choice

Use the Rule of 78 to find the payoff amount for the loan paid in full before the date of maturity.
-Amount Financed: $12,000 Regular Monthly Payment: $373.33
Total Number of Payments scheduled: 36
Loan repaid in full instead of making: 30th

• A)$1931.24
• B)$2205.71
• C)$2194.59
• D)$2567.93

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Definitions:

Opponent Process

A theory suggesting that emotions are regulated by mechanisms that operate in opposing pairs.

Behavioral Contrast

The phenomenon where the rate of responding to one stimulus changes as a result of a change in reinforcement provided for responding to another stimulus.

Habituation

The process by which an organism decreases or ceases its responses to a repetitive stimulus over time, indicating a basic form of learning.

Sensitization

An increase in behavioral response after exposure to a stimulus, often as a result of an enhanced reaction to a subsequent stimulus.