Guy gets a $20000 loan at 8% annually for 60 months Wins lottery and pays it off in 6 months. Lender gives him a rebate that turns out to be $44 less then he
Here the article: http://www.bankrate.com/brm/news/dollardiva/19991012a.asp
I don't quite get the rule of 78. How did they calculate the rebate? What IS the rebate? This article leaves me with more questions than answers. Can you please explain? Thanks!!!!!