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Rule of 78

A formula used to determine rebates on Interest for Installment loans; since 1 + 2 + ... + 12 = 78, 1/78th of the Interest is owed after the first month, 3/78ths after the second month, etc.

Related Terms: 9 Interest, Inc., Installment, Installment loan, Loan, NSTA, Owe, SEC, Term
Other Related Pages: Category: Lending_and_Credit Starting With: R
Semi Related Terms: 471 CLICK HERE TO VIEW
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