What will the balance due be under the rule of 78 method

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1. Glenn had an auto loan of $4,500 at 7% annual interest for 3 years. He decides to pay off the remaining balance after he has made 29 payments. What will the balance due be under the rule of 78 method?

2. What will Glenn's balance be if he has made 20 payments and decides to pay the rest in one lump sum at the 21st payment? Suppose that his lender is following the level method.

Reference no: EM131307315

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What will the balance due be under the rule of 78 method : Glenn had an auto loan of $4,500 at 7% annual interest for 3 years. He decides to pay off the remaining balance after he has made 29 payments. What will the balance due be under the rule of 78 method?

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