What is needed to repay the loan at the of month of an 18 month installment loan for $1700 at 12% annual interest? Interest is computed using the Rule of 78.
P = Po + Po*r*t
P = 1700 + 1700*(0.12/12)*18 = $2,006.
P = 1700 + 1700*(0.12/12)*18 = $2,006.