The Rule of 78 is actually a method of computing interest payments on installment loans made within the 1930s which is now largely outside of favor. 

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It’s built to boost the level of fascination payments collected through the lender for those who pay back your loan early.

Collateral—only applies to secured loans. Collateral refers to anything pledged as security for repayment of a loan in case the borrower defaults

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Borrowers didn’t experience like this was reasonable, And so the Indiana state legislature designed the Rule of 78 in 1935 as A part of a law built to lessen the total amount of fascination paid out for those who pay back their loan early.

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