Question
1. You borrow $7,900 to buy a car. The terms of the loan call for monthly payments for five years at a 3.6 percent rate
1. You borrow $7,900 to buy a car. The terms of the loan call for monthly payments for five years at a 3.6 percent rate of interest. What is the amount of each payment?
2. You are paying an effective annual rate of 19.99 percent on your credit card. The interest is compounded weekly. What is the annual percentage rate on your account?
Please show work.
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Handbook Of Income Distribution Volume 2B
Authors: Anthony B. Atkinson, Francois Bourguignon
1st Edition
0444594299, 978-0444594297
