152
• FC = (G - AMT - CL)
Rule of 78's Rebate
• PV = finance charge.
• I
k
= interest charged at month k.
• n = number of months in loan.
•
•
• BAL
k
= (n - k) x PMT - Rebate
k
Skipped Payments
• A = number of payments per year.
• B = number of years.
• C = annual percentage rate as decimal.
• D = periodic payment amount.
• E = loan amount.
• K = number of last payment before payments close the first time.
• L = number of skipped payment.
Savings
l
k
2n k– 1+()
nn 1+()
------------------------------ P V=
Rebate
nk–()l
k
2
---------------------=
D
END
E
11
C
A
----+
AB–
-------------------------------------------
1
C
A
----+
A
1–
C
A
----
1
C
A
----+
A
1
C
A
----+
A
K– 1
C
A
----+
A
L
K
1–+
---------------------------------------------------------------------------------------------------------
×=
−
−
−
−
D
BEGIN
D
END
1
C
A
----+
---------------=
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