Consider a three-year loan (so we'll assume the numbers 1 through 36) for $5,000 with interest at 10% per year. Using standard amortization, the monthly payment is $161.33. In this example, we will not worry about exact or ordinary interest because the total interest to be paid is $808.13.
After the fifth month, the borrower decides to prepay the whole loan. Under a standard amortization plan the borrower would have paid $198.28 in cumulative interest. However, using the Rule of 78 a lender would calculate the fraction of the total interest based on two series:

{(n+35)+(n+34)+(n+33)+(n+32)+(n+31) }

{(n)+(n+1)+...+(n+35)}

Desmond wants to sell his car that he paid $8,000 for 2 years ago. the car depreciated, or decreased in value, at a constant rate each month over a 2-year period. if x represents the monthly depreciation amount, which expression shows how much desmond can sell his car for today? 8,000 + 24x 8,000 − 24x 8,000 + 2x 8,000 − 2x

Ahigh definition tv cost $800 with a down payment of 2/5 of the cost. how much is left to pay, in dollars after the down payment has been made?

Asap for seven months an ice creams vendor collects data showing the number of cones sold a day (c) and the degrees above 70 degrees f the vendor finds that there is a positive linear association between c and t that is the best modeled by this equation c=3.7t+98 which statement is true? the model predicts that the average number of cones sold in a day is 3.7 the model predicts that the average number of cones sold i a day is 98 a model predicts that for each additional degree that the high temperature is above 70 degres f the total of number of cones sold increases by 3.7 the model predicts for each additional degree that the high temperature is above 70 degrees f the total number of cones sold increasingly by 98