The Rule of 78s Is Used to Calculate the _____ When

question 31

Multiple Choice

The Rule of 78s is used to calculate the _____ when an installment loan is paid off early.

• A)APR
• B)balance due
• C)prepayment penalty
• D)basic cost of money
• E)amount saved

---

Definitions:

Job Hunting

The process of actively seeking new employment, including activities such as applying for jobs, networking, and interviewing.

Deductible

The amount that a taxpayer must pay out-of-pocket before an insurance company will pay any expenses.

Unreimbursed Employee Business Expenses

Expenses employees incur in the course of performing their job that are not reimbursed by the employer.

Itemized Deductions

Expenses allowed by the IRS that can be subtracted from adjusted gross income to reduce taxable income, including mortgage interest, medical expenses, and charitable contributions.