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Use the rule of 7 8 . Household Lighting Company borrowed $ 1 4 0 0 to purchase items from another store that was going

Use the rule of

78 .

Household Lighting Company borrowed $

1400

to purchase items from another store that was going out of business. The loan required

12

monthly payments of $

135.75 .

After

7

payments were made, the company decided to pay off the loan. How much interest was saved?

By paying off the loan early, Household Lighting Company saved $

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