Phillamone berry has a car loan with a company that refunds, Ask an Expert

Management Studies

Phillamone Berry has a car loan with a company that refunds interest using the rule of 78 when loans are paid in full ahead of schedule. He is using an employee bonus to pay off his Traverse, which is on a 42-month loan. The total interest for the loan is $2,397, and he has 15 more payments to make. How much finance charge will he get credit for if he pays the loan in full immediately?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M92569822

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