Math, asked by alliah113026, 8 days ago

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.

Answers

Answered by gauravsinghtdm
0

Answer:

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Answered by shilpa85475
0

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

\frac{(U*(U+1))}{(T*(T+1))} × F = Refund

∴ Refund = \frac{(9*10)}{(24*25)} × 1000

∴ Refund = 0.15 × 1000

∴ Refund = php 150

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