248210 Use the rule of 78s to find the amount of interest saved. A $400 loan is to be paid off in 66 monthly payments of $11.62. The borrower decides to pay off the loan after 18 payments. Use the rule of 78s to find the amount of interest saved.
This solution is comprised of a detailed explanation to find how much will I save in finance charges under the rule 78s.
271963 Several math questions Question 1 A $400 loan is to be paid off in 66 monthly payments of $11.62. The borrower decides to pay off the loan after 18 payments. Use the rule of 78s to find the amount of interest saved.
Ellen Nancy borrowed $500 at 12% simple interest, to be repaid in 8 equal monthly installments of $70. If she pays off the loan when she makes her 4th payment, how much will she save in finance charges under the rule of 78s? 5.
You deposit $5,000 in an account that pays 8% interest per annum. How long will it take to double your money? Answer: 9 years Hint: Use the Excel NPER function. Use the Rule of 72. See the attached file.
If she pays off the loan when she makes her 4th payment, how much will she save in finance charges under the rule of 78s?
The amount to be saved till age 45 is the PV of the amount needed in the year 60. The amount to be saved is 936,540/(1.1)^15 = 224,200. b. Here we need to find the amount that we need to save that will grow to $224,200 in 15 years.
To find the current amount of deposit we will find the Present value.
As I already has the saving of $25,000. I will need to find the future value of this amount and deduct from the abovementioned result in order to find how much I need to save more per year.
Average size of payments= $2,000 Number of days saved= 1.3333 Therefore Amount= $1,066,640 =400x$2000x1.3333 Interest rate= 0.00015 per day Annual interest rate= 5.475% per year =0.015%x365 Thus amount saved in interest=