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Simple Interest Question - Rule of 78s

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I borrowed $500.00 at 12% simple interest to be repaid in 8 equal monthly installments of $70.00, If i pay off the loan on my 4th payment, how much will I save in finance charges under the rule 78s?

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I borrowed $500.00 at 12% simple interest to be repaid in 8 equal monthly installments of $70.00, If i pay off the loan on my 4th payment, how much will I save in finance charges under the rule 78s?
The first step is to add up all the digits for the number of payments scheduled to be made. For a 8-installment ...

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