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Rule of (78)

A method of computing refunds of unearned finance charges on early payment of a loan so that the refund is proportional to the monthly unpaid balance.

The figure 78 is the sum of the digits of one to twelve—that is, the number of months in a one-year installment contract.

Rule of Law - Rule According To Law, Rule Under Law, Rule According To Higher Law, Further Readings [next] [back] Rule in Shelley's Case - Further Readings

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Rule of (78)

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