FINC1123 Personal Finance Homework on Consumer Credit 1. The following banks offer loans with the terms indicated. Calculate the annual percentage rates (APR) for each bank and suggest which bank to borrow from. Show steps clearly. New Haven Bank: simple interest loan at interest rate of 10% Orange Bank: Discount interest loan, with interest rate of 9.5% Milford Bank: 8% interest add-on loan and payable in monthly installments over 12 months. 2. Julia has monthly gross income of $3,250 and net after payroll deductions of $2,500. She has credit card, student loan and car loan payments of $450 per month. Julia plans to take a computer skills course that costs $200 per month. Can she afford to take the computer class? Show work.