Prepayment Penalties

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January 1, 1 6 min read Definitions
Rule of 78
Rule of 78 Interest Calculation Installment Loans Add-on Interest Prepayment Penalties Amortization
The Rule of 78 is a method for calculating the amount of interest to be refunded if an installment loan with add-on interest is paid off early. It takes its name from the sum of the digits from 1 to 12, totaling 78.
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