Helly Stumbaugh gets a loan for $3000 with an annual interest rate of 6%. Shelly repays the loan in 12 monthly payments of $258 per month. The total amount of interest she pays is $96. Under the rule of 78\'s, what is the amount of interest included in her first payment? Show all work. Circle your answers. Solution Based on the information given, the tabular format for the repayment of the loan is given as below :Month/YearPayment AmountInterest PaidPrincipal PaidMortgage BalanceMonth 1$258$15$243$2,757Month 2$258$14$244$2,512Month 3$258$13$246$2,267Month 4$258$11$247$2,020Month 5$258$10$248$1,772Month 6$258$9$249$1,522Month 7$258$8$251$1,272Month 8$258$6$252$1,020Month 9$258$5$253$767Month 10$258$4$254$513Month 11$258$3$256$257Month 12$258$1$257$0.

1. Helly Stumbaugh gets a loan for $3000 with an annual interest rate of 6%. Shelly repays the
loan in 12 monthly payments of $258 per month. The total amount of interest she pays is $96.
Under the rule of 78's, what is the amount of interest included in her first payment? Show all
work. Circle your answers.
Solution
Based on the information given, the tabular format for the repayment of the loan is given as
below :Month/YearPayment AmountInterest PaidPrincipal PaidMortgage BalanceMonth
1$258$15$243$2,757Month 2$258$14$244$2,512Month 3$258$13$246$2,267Month
4$258$11$247$2,020Month 5$258$10$248$1,772Month 6$258$9$249$1,522Month
7$258$8$251$1,272Month 8$258$6$252$1,020Month 9$258$5$253$767Month
10$258$4$254$513Month 11$258$3$256$257Month 12$258$1$257$0