Examples of Rule of 78 in a sentence
All credit accident and health insurance (both individual and group) shall be established and maintained on the basis of not less than the unearned gross premium computed on the basis of the sum of digits formula, common- ly known as the Rule of 78.
The proportion of principal and interest of monthly repayment amount is calculated according to the formula of Rule of 78.
The refund of any finance charge shall be computed according to the "sum of the balance method", also known as the "Rule of 78".
Sum of the balances method," also known as the "Rule of 78," means a method employed with respect to a transaction to determine the portion of the finance charge attributable to a period of time before the scheduled due date of the final instalment of the transaction.
The applicable interest rate for the Loan shall be as is stated in the Approval Letter and unless otherwise stated, shall be computed on a Rule of 78 basis.
Early repayment of the Loan is permissible subject to repayment of an amount equal to the sum of the outstanding monthly repayment less the interest refund calculated according to the "Rule of 78" plus early repayment charges calculated at 1.5% of the principal balance of the Loan, the interest thereon and any other reasonable fees and expenses accrued up to and including the date of the next monthly repayment.
You may become eligible to retire because you reach the Rule of 78, because you are at least 60 years of age, because you have 30 years of service or because you became permanently disabled.
Our trainers achieved their expertise in Project Management from both academic and vocational experience.
Interest rebate on hire purchase Term charges on hire purchase and leasing transactions are accounted for using the Rule of 78 (sum of digits) method.
As an alternative the "Rule of 78" may be applied, in which case its operation shall be explained in the contract.B–7.