# Answer in Financial Math for Jay #275206

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.

The Rule of 78 is a method used by some lenders to calculate interest charges on a loan. The Rule of 78 requires the borrower to pay a greater portion of interest in the earlier part of a loan cycle, which decreases the potential savings for the borrower in paying off their loan.

For a one year loan, the total number of digits is equal to 78, which explains the term the Rule of 78. For a two year loan, the total sum of the digits would be 300.

According to the given information, the interest amount is to be calculated as follows:

Working:

“frac{(Uu00d7(U+1))}{(Tu00d7(T+1)) }=” Rule of 78’s refund decimal×F=Rebate

where:

T = 24 months

U = Unearned Months = 24 −15 = 9 months

So, using the above formula, the rebate will be:

F = Finance Charges = \$1,198.45

“frac{(9u00d7(9+1))}{(24u00d7(24+1))} =frac{9u00d710}{24u00d725}=0.15\=0.15u00d7\$1,198.45\=\$179.77”

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