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Assume a 360 day year. You borrow $450 from your bank for 3 months. The loan agreement states that you must repay the loan at
Assume a 360 day year.
You borrow $450 from your bank for 3 months. The loan agreement states that you must repay the loan at a rate of $150 per month plus interest. The interest rate for the loan is % above the prime interest rate. During the first month the prime rate is 45%, during the second month it is 5%, and during the third month it is 5%. What is the total amount of interest you pay on the loan Step by Step Solution
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