Betty Hines plans to borrow $5,000 and to repay it in 36 monthly installments. This loan is
Question:
Betty Hines plans to borrow $5,000 and to repay it in 36 monthly installments. This loan is being made at an annual add-on interest rate of 9.5%. a. Calculate the finance charge on this loan, assuming that the only component of the finance charge is interest. b. Use your finding in part a to calculate the monthly payment on the loan. c. Using a financial calculator, determine the APR on this loan.
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a To calculate the finance charge on the loan we can use the formula for addon interest Finance Char...View the full answer
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Related Book For 
Personal Financial Planning
ISBN: 9781439044476
12th Edition
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
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