Even though the Rule of 78 may be used for some different types of loans (usually for subprime automobile loans), You will find there's a lot better (plus more frequent) approach for lenders to use when computing curiosity: the simple curiosity system.
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Brandon Renfro, CFP®, is really a SmartAsset monetary arranging columnist and answers reader issues on personal finance and tax subjects. Got an issue you want answered? Electronic mail [email protected] as well as your dilemma may very well be answered in a upcoming column.
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