Rule-of-78s loans are declining in use, but should you need to create a schedule for one, use this calculator. You can check out our "Reading Room" for an article about how a Rule-of-78s loan works.
This calculator will solve for any one of four possible unknowns: "Amount of Loan", "Number of Payments" (term), "Annual Interest Rate" or the "Periodic Payment".
Enter a '0' (zero) for one unknown value.
The term (duration) of the loan is a function of the "Number of Payments" and the "Payment Frequency". If the loan is calling for monthly payments and the term is four years, then enter 48 for the "Number of Payments". If the payments are made quarterly and the term is ten years, then enter 40 for the "Number of Payments".
Normally you would set the "Payment Method" to "Arrears" for a loan. This means that the monies are lent on one day and the first payment isn't due until one period after the funds are received.
If the first payment is due on the day the funds are available, then set "Payment Method" to "Advance". This is typical for leases.