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Question
Mark Brown receives a $2,000 loan with the intention of repaying the loan in 12 months. However, at the end of one month, Mr. Brown discovers that he can repay the loan in full. According to the rule of 78s, what percentage of the interest charge is he entitled to receive as a rebate?
A. 36.67 percent
B. 50.00 percent
C. 91.67 percent
D. 84.62 percent
E. None of the options is correct
Answer
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Related questions
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