Solve the Problem Using the Rule of 78

question 79

Multiple Choice

Solve the problem using the rule of 78.
-Carlo has a 36-month fixed installment loan, with a monthly payment of $466.67. The amount he borrowed was $14,000. Instead of making his 27th payment, Carlo is paying the remaining balance
On the loan. What is the total amount due to pay off the balance?

• A)$4040.00
• B)$3529.51
• C)$4010.81
• D)$4477.48

---

Definitions:

Social Enterprise School

An educational institution or program that integrates the principles of social entrepreneurship into its curriculum, focusing on solving social problems through innovative business models.

Social Innovation School

The Social Innovation School refers to an educational approach or institution focusing on teaching methods and strategies for developing innovative solutions to social challenges.

Management Revolution

A major shift or transformation in organizational management practices, often driven by new theories, technologies, or societal changes.

Nonprofit Organizations

Entities dedicated to furthering a particular social cause or advocating for a shared point of interest without seeking to distribute profits to members or leaders.