Question #276223
Read the question and solve the problem below. Write your complete solution.
Mike Marquez purchased a lawn tractor for Php 9,000. He made a down
payment of Php 1,000 and financed the rest at 7% payable in 24 months. He paid off
the loan at the end of the fifteenth months. Find the amount of his refund using the rule
of 78s.
Expert's answer
Tractor Price = Php 9,000
Dawn Payment = Php 1,000
Interest Rate = 7%
Time Period = 24 Months
Loan Fully Paid = 15 Months
The amount of his refund using the rule of 78s is Php 89.45
