Question
Chris borrowed $7,500 TO BUILD A GARAGE. He agrees to pay $475 a month for 24 months but pays off the loan in 18 months.
Chris borrowed $7,500 TO BUILD A GARAGE. He agrees to pay $475 a month for 24 months but pays off the loan in 18 months. What is the amount of unearned interest? What is the amount needed to repay the loan using the rule of 78. Show work to support your answers.
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
