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The denominator of a Rule of 78s loan is the sum of the integers between 1 and n, inclusive, where n is the number of payments. For a twelve-month loan, the sum of numbers from 1 to 12 is 78 (1 + 2 + 3 + . . . +12 = 78). For a 24-month loan, the denominator is 300. The sum of the numbers from 1 to n is given by the equation n * (n+1) / 2.
Using the Rule of 78, a $5,000 personal loan with an interest rate of 11 percent over 48 months and a $150/mo payment would incur an interest charge of $89.80 in the first month.
The rule number (e.g., 72) is divided by the interest percentage per period (usually years) to obtain the approximate number of periods required for doubling. Although scientific calculators and spreadsheet programs have functions to find the accurate doubling time, the rules are useful for mental calculations and when only a basic calculator ...
If exponentiation is indicated by stacked symbols using superscript notation, the usual rule is to work from the top down: [2] [7] a b c = a (b c) which typically is not equal to (a b) c. This convention is useful because there is a property of exponentiation that (a b) c = a bc, so it's unnecessary to use serial exponentiation for this.
The Rule of 72 is a mathematical shortcut used to determine the time it takes to double your money. ... 9 and 12. If you have a calculator, however, use 69.3 for slightly more accurate results.
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The Arithmometer, invented in 1820 as a four-operation mechanical calculator, was released to production in 1851 as an adding machine and became the first commercially successful unit; forty years later, by 1890, about 2,500 arithmometers had been sold [16] plus a few hundreds more from two arithmometer clone makers (Burkhardt, Germany, 1878 ...