Use the Rule of 78 to find the payoff amount for the loan paid in full before the date of maturity.
-Finance charge: $5415 Total number of payments: 149
Amount per payment: $319
Remaining number of payments, when paid in full: 12

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The Rule of 78 is a method for calculating the amount of interest that has been paid on a loan. It is based on the assumption that the interest is paid in equal installments over the life of the loan. The formula for the Rule of 78 is:Interest paid = (Number of payments remaining / Total number of payments) * Finance chargeIn this case, the finance charge is $5415, the total number of payments is 149, and the remaining number of payments is 12. Plugging these values into the formula, we get:Interest paid = (12 / 149) * $5415 = $4109.20Therefore, the payoff amount for the loan paid in full before the date of maturity is $4109.20.

Use the Rule of 78 to Find the Payoff Amount