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.
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Amount of Refund = 150 php
According to the 78s refund rule,
T = Total period = 24 months
U = Unearned period = 24-15 = 9 months
F = Finance charge = Downpayment = Php 1000
∴ × F = Refund
∴ Refund = × 1000
∴ Refund = 0.15 × 1000
∴ Refund = php 150
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