eBook Chapter 7 Financial Planning Exercise 14 Because of a job change, Charles Wallace has just relocated to the southeasten Unilted States. He sold his furniture before he moved, so he's now local furniture store, he's found an assortment of couches, chairs, tables, and beds that he thinks would look great in his new two-bedroom apartment; the everything is $3,000. Because of moving costs, Charles is a bit short of cash right now, so he's decided to take out an furniture store offers to lend him the money for 36 months at an add-on interest rate of 7 percent. The credit union at Chartes's firm give him the loan at an interest rate of 13 percent simple, but only for a term of 24 months. installment loan for $3,000 to pay for the furniture. The also offers to lend him the money- they'l a. Compute the monthly payments for the loan from the furniture store. Round the answer to the nearest cent. 3 per month b. Compute the monthly payments for the loan from the credit union. Round the answer to the nearest cent per month c Determine the APR for the loan from the furniture store. Round the answer to 2 decimal places. 3% d. Determine the APR for the loan from the credit union. Round the answer to 2 decimal places. e. Which is more important: low payments or a low APR? low APR