Question
Holly Kresch is thinking of buying a home for $263,300. State Bank advertises an 80%, thirty-year simple interest amortized loan at 6 1 4 %
Holly Kresch is thinking of buying a home for $263,300. State Bank advertises an 80%, thirty-year simple interest amortized loan at 6 1 4 % interest, with an APR of 7.13%. Boonville Savings and Loan advertises an 80%, thirty-year simple interest amortized loan at 6 1 2 % interest with an APR of 7.27%. (Round your answers to the nearest cent.)
(a) Find Holly's monthly payment if she borrows through State Bank. $
(b) Find Holly's monthly payment if she borrows through Boonville Savings and Loan. $
(c) Use the APR to approximate the fees included in the finance charge by State Bank. $
(d) Use the APR to approximate the fees included in the finance charge by Boonville Savings and Loan.
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