patti72458
New member
- Joined
- May 7, 2006
- Messages
- 26
Sean purchased a new couch and love seat for his living room for $4500. He made a down payment of $1550 and financed the balance with a 24-month fixed-payment installment loan. Instead of making the eleventh payment of $144.17, he decides to pay off the loan.
A) how much interest will sean save? ( use the 78s rule)
B) what is the amount due to pay off the loan?
rule of 78s: f*k(k+1)/n(n+1)
A) how much interest will sean save? ( use the 78s rule)
B) what is the amount due to pay off the loan?
rule of 78s: f*k(k+1)/n(n+1)