Understanding the Rule of 78

Understanding the Rule of 78

Assessment

Interactive Video

Mathematics

9th - 10th Grade

Hard

Created by

Thomas White

FREE Resource

The video tutorial addresses a question about the Rule of 78, explaining its application in calculating interest on a loan. The instructor uses a $3,000 loan example with a 6% annual interest rate, repaid over 12 months. The video demonstrates how to calculate interest using Excel's payment function and explains the Rule of 78 in detail. The instructor shows how to determine the interest included in each payment and compares it to a constant interest rate method. The tutorial provides a comprehensive understanding of the Rule of 78 and its practical application in loan interest calculations.

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of the video tutorial?

The Rule of 72

The Rule of 80

The Rule of 78

The Rule of 90

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why did the teacher decide to create a video on the Rule of 78?

To introduce a new topic not covered in class

To provide a detailed explanation not found in the textbook

To discuss a new mathematical theory

To explain a historical event

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the loan amount discussed in the video?

$2000

$3000

$4000

$5000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the annual interest rate for the loan?

5%

4%

6%

7%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many monthly payments are made to repay the loan?

10

11

13

12

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What tool does the teacher use to calculate loan payments?

Python Script

Calculator

Excel

Google Sheets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the monthly payment amount calculated by Excel?

$260

$250

$270

$258.20

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