Using the Rule of 78, Find the Amount of Unearned

question 89

Multiple Choice

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent.
-Finance charge: $6,761
Total number of payments: 48
Remaining number of payments, when paid in full: 11

• A)$379.44
• B)$395.59
• C)$316.20
• D)$329.66

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Definitions:

Bereaved Parent

A parent who has experienced the death of a child, leading to extensive emotional and psychological grief.

Ritual

A set of fixed actions and sometimes words performed regularly, especially as part of a ceremony or to express reverence to a belief, deity, or cultural heritage.

Kubler Ross

A model developed by Elisabeth Kübler-Ross outlining the five stages of grief; denial, anger, bargaining, depression, and acceptance.

Stages of Death

Refers to the process and phases individuals undergo as they approach death, often described in psychological models such as Kubler-Ross's five stages of grief.