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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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 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|

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Question

Asked 3/22/2010 3:37:02 PM

Updated 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

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Added 2/8/2024 12:26:53 AM

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