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

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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?

Posted Date: May 11, 2024 01:53 AM

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

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