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What percentage of Kimberly first payment was interest

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Question - Due to a financial emergency, Kimberly had to borrow money from a less-than-reputable lender. The lender uses a Rule of 78 approach to determine how much interest will be included in each loan payment. If Kimberly borrowed $740 to be paid back over 2-years (24 months), what percentage of Kimberly's first payment was interest?

Reference no: EM133109724

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