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2. Use the following information for questions a) c). A bank customer is granted credit for a $100,000 loan at 8.99% to be repaid in

2. Use the following information for questions a) c).

A bank customer is granted credit for a $100,000 loan at 8.99% to be repaid in 36 equal installments.

a) If the loan is a discount loan, what are the net proceeds of the loan?

b) If the loan is a discount loan, what is the monthly payment?

c) If the loan quoted has an add-on rate, what is the approximate annual percentage rate (APR) on the loan?

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