Also known as the "Sum of the Digits" method, the Rule of 78s is a term used in lending that refers to a method of yearly interest calculation. The name comes from the total number of months' interest that is being calculated in a year (the first month is 1 month's interest, whereas the second month contains 2 months' interest, etc.). This is an accurate interest model only based on the assumption that the borrower pays only the amount due each month. The outcome is that more of the interest is apportioned to the first part or early repayments than the later repayments. As such, the borrower pays a larger part of the total interest earlier in the term.
If the borrower pays off the loan early, this method maximizes the interest paid by applying funds to the interest before principal. The Rule of 78 is designed so that borrowers pay the same interest charges over the life of a loan as they would with a loan that uses the simple interest method. But because of some mathematical quirks, they end up paying a greater share of the interest upfront. That means if they pay off the loan early, they would end up paying more overall for a Rule of 78s loan compared with a simple-interest loan.[1][2]
^"Simple Interest".
^"What Is the Rule of 78 and Can It Cost You?". Credit Karma. 2019-06-18. Retrieved 2021-03-09.
Also known as the "Sum of the Digits" method, the Ruleof78s is a term used in lending that refers to a method of yearly interest calculation. The name...
consumer loans in the United States of America would be priced using the Ruleof78s, or "sum of digits" method. (The sum of the integers from 1 to 12 is 78...
longer 12-inch 78s, playing around 4–5 minutes per side. For example, in 1924, George Gershwin recorded a drastically shortened version of his new seventeen-minute...
Bibcode:2010Sci...330...78S. doi:10.1126/science.1193130. PMID 20929808. S2CID 5744544. Anthropology Professor Glenn Summerhayes, University of Otago, New Zealand...
Eric R. (1998). "The Evolution of the Periodic System". Scientific American. 279 (3): 78–83. Bibcode:1998SciAm.279c..78S. doi:10.1038/scientificamerican0998-78...
to assemble a soundtrack made of music that was popular at the time using his personal collection of78s. With the help of Robbie Robertson, the songs were...
issued the first comprehensive collection of Johnson's work, The Complete Recordings. Although some of Johnson's 78s sold relatively well for their time, Columbia's...
Generating radically increased downforce with significantly less drag, the Lotus 78s driven by Mario Andretti and Gunnar Nilsson won five Grands Prix in 1977...
Burnsom, Robert (August 11, 2023). "Sony, Other Music Labels Sue Over Sinatra 78s Stored Online". Bloomberg News. Archived from the original on August 12,...
The majority of the archives' holdings consist of about 45,000 LP albums, 10,000 CDs, reel-to-reel tapes, audio cassettes, 45s, and 78s which were donated...
"Silly 78s: International Novelty Orchestra with Billy Murray "Monkey Biz-ness (Down in Tennessee)" [GOTTA have some Billy Murray in any survey of78s- he...
2020. Retrieved May 12, 2020. Kilgannon, Corey (July 22, 2008). "A Trove of Old 78s Heads to Syracuse". City Room. New York Times. Archived from the original...
with Tom Glazer and Bess and Baldwin Hawes, he recorded an album of78s called Songs of the Lincoln Battalion on Moe Asch's Stinson label. This included...
Damaso Perez Prado had a number of hits, and sold more 78s than any other Latin music of the day. He took over the role of pianist/arranger for the Orquesta...
set of five 12" discs "Prince Igor" (Asch Records album S-800, dubbed from Soviet masters in 1945). Victor began selling some home-use vinyl 78s in late...
December 19, 2017. Retrieved December 19, 2017. "Swiss Music Awards 2009". 78S. February 19, 2009. Archived from the original on March 31, 2009. Retrieved...
as 78s, 33s and 45s, played on the six turntables they monitored. CDs and tapes were incorporated in later years. The business had a succession of owners...
r.p.m. microgroove Long-Play phonograph record that made the RCA-Victor 78s quickly obsolete. "CBS Color Television System Chronology". Novia.net. Archived...
2006-11-02. McKee, Maggie (20 September 2006). "Bizarre supernova breaks all the rules". New Scientist. Retrieved 2007-01-08. Light curves and spectrum Archived...
1994 until the present (as of 2014), ordered by catalog number. While the record label started out releasing compilations of local Chicago area bands,...
patented a vacuum-operated record changer capable of changing records of various dimensions including 78s, 33+1⁄3 rpm, 16 speed and 45s. Because the unit...
Source: HAGOC Rules for classification: 1) Points; 2) Head-to-head results; 3) Points difference; 4) Points scored. Combined ranking At the end of the preliminary...
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