Grisha needs to borrow $1400 for an automobile repair. She finds that Bank A charges 5% simple interest on the amount borrowed for the duration of the loan and requires the loan to be repaid in six equal monthly payments Bank B offers loans of $1400 to be repaid in 12 monthly payments of $120.52. Answer parts (a) through (d) 1 6.0% 7.0% OUT 8.0% 8.5% 9.0% Number of 5.0% 5.5% Payments 6 12 a) How much interest is charged by Bank AY Annual Percentage Rate 6.5% 7.5% (Finance charge per $100 of amount financed) 1.90 2.05 2.20 3.56 4.11 1.46 1.61 2.73 2.35 4.39 264 300 2.49 4.66 3.83 4.94 Bank A charges s in interest (Type an integer or a decimal.) b) How much interest is charged by Bank B? Bank B charges s in interest (Type an integer or a decimal.) c) What is the APR to the nearest half percent on the Bank The APR is % Grisha needs to borrow $1400 for an automobile repair. She finds that Bank A charges 5% simple interest on the amount borrowed for the duration of the loan and requires the loan to be repaid in six equal monthly payments Bank B offers loans of $1400 to be repaid in 12 monthly payments of $120.52. Answer parts (a) through (d) 1 6.0% 7.0% OUT 8.0% 8.5% 9.0% Number of 5.0% 5.5% Payments 6 12 a) How much interest is charged by Bank AY Annual Percentage Rate 6.5% 7.5% (Finance charge per $100 of amount financed) 1.90 2.05 2.20 3.56 4.11 1.46 1.61 2.73 2.35 4.39 264 300 2.49 4.66 3.83 4.94 Bank A charges s in interest (Type an integer or a decimal.) b) How much interest is charged by Bank B? Bank B charges s in interest (Type an integer or a decimal.) c) What is the APR to the nearest half percent on the Bank The APR is %