Solve the problem using the rule of 78s.
-Hassan used a fixed installment loan from his bank to finance his used car purchase. He borrowed $5500 and has a 36 monthly payments of $220.00 each. Instead of making his 13th payment, Hassan decides to pay the remaining balance on the loan. How much interest will Hassan save?
A) $971.84
B) $1153.32
C) $1083.11
D) $1002.88

Question

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The Answer of Solve the problem using the rule of 78s.
-Hassan used a fixed installment loan from his bank to finance his used car purchase. He borrowed $5500 and has a 36 monthly payments of $220.00 each. Instead of making his 13th payment, Hassan decides to pay the remaining balance on the loan. How much interest will Hassan save?
A) $971.84
B) $1153.32
C) $1083.11
D) $1002.88

Solve the Problem Using the Rule of 78s