Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php1,000 and financed the rest 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php1,000 and financed the rest 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s.

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