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Find the amount of interest to be refunded

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Reference no: EM131623257

Question: 1. Larry Williams made a 60-month loan that has interest of $2,518. He paid the loan in full with 21 months remaining. The interest is refunded based on the rule of 78. Find the amount of interest to be refunded.

2. A 30-month loan that has interest of $3,987 is paid in full with 7 months remaining. Find the amount of interest to be refunded using the rule of 78.

Reference no: EM131623257

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