BUSINESS ALGEBRA. HELP!?

  • Thread starter Thread starter adribaby12
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adribaby12

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ok so as you guys can probably tell by now, Im having trouble in my math class=(
I don't understand the 'rule of 78'
i have homework due tomorrow, but i have no idea what to do...

heres some examples...

Find
a. refund using rule of 78
b. refund using the formula
c. payoff using the rule of 78
d. payoff using formula

Amount Financed 2500, finance charge 194, no of payments 12, payments left 6. and idk if you need it but apr is 14%

next problem...

Alfreda Brown bought a boat costing 6500 with 500 down and the rest to be paid in 48 equal installments of 173.
find: the finance charge, and what was the APR?


Natasha paid 195 interest on a 2000 purchase, if she made 12 equal payments (monthly) to pay off, what was the APR?
 
Too much for one Q&A
things to understand:
percentage
interest and compound interest
If I remember correctly: ( I though it was rule of 72, but no matter)
Rule of 78 relates the yearly interest rate to the number of years its takes to double the principle at compound interest

example if rate is 7.8% yearly, the cost would double in 10 years

try it $100 x (1.078) (1.078)....ten ()
 
Too much for one Q&A
things to understand:
percentage
interest and compound interest
If I remember correctly: ( I though it was rule of 72, but no matter)
Rule of 78 relates the yearly interest rate to the number of years its takes to double the principle at compound interest

example if rate is 7.8% yearly, the cost would double in 10 years

try it $100 x (1.078) (1.078)....ten ()
 
Too much for one Q&A
things to understand:
percentage
interest and compound interest
If I remember correctly: ( I though it was rule of 72, but no matter)
Rule of 78 relates the yearly interest rate to the number of years its takes to double the principle at compound interest

example if rate is 7.8% yearly, the cost would double in 10 years

try it $100 x (1.078) (1.078)....ten ()
 
Too much for one Q&A
things to understand:
percentage
interest and compound interest
If I remember correctly: ( I though it was rule of 72, but no matter)
Rule of 78 relates the yearly interest rate to the number of years its takes to double the principle at compound interest

example if rate is 7.8% yearly, the cost would double in 10 years

try it $100 x (1.078) (1.078)....ten ()
 
Too much for one Q&A
things to understand:
percentage
interest and compound interest
If I remember correctly: ( I though it was rule of 72, but no matter)
Rule of 78 relates the yearly interest rate to the number of years its takes to double the principle at compound interest

example if rate is 7.8% yearly, the cost would double in 10 years

try it $100 x (1.078) (1.078)....ten ()
 
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