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16. John Smith took out a loan for 53 months but paid it in full after 28 months. Find the factor that would be used to calculate the unearned interest. Use the Rule of 78s.
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Asked 3/22/2010 3:37:02 PM
Updated 25 days ago|2/8/2024 12:27:44 AM
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User: 16. John Smith took out a loan for 53 months but paid it in full after 28 months. Find the factor that would be used to calculate the unearned interest. Use the Rule of 78s.

Weegy: 23,3
Expert answered|cioby1991|Points 60|

Question
Asked 3/22/2010 3:37:02 PM
Updated 25 days ago|2/8/2024 12:27:44 AM
1 Answer/Comment
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John Smith took out a loan for 53 months but paid it in full after 28 months. the factor that would be used to calculate the unearned interest using the Rule of 78s is approximately 0.0174
Solution
53*54/2= 1431
53-28 = 25
25/1431 = 0.0174
Added 25 days ago|2/8/2024 12:26:53 AM
This answer has been confirmed as correct and helpful.
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