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

question 80

Multiple Choice

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

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

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Definitions:

Mediation

A form of alternative dispute resolution where a neutral third party helps conflicting parties to reach a mutually satisfactory agreement.

Conciliation

A method of alternative dispute resolution where a conciliator helps parties in a dispute to reach a mutually satisfactory agreement to resolve their issues.

Negotiation

The process by which two or more parties communicate and come to an agreement or resolve a dispute.

Supreme Court of Washington

The highest court in the state of Washington, responsible for interpreting the state's constitution and laws.