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J&j finance comapny advertises 12% loans with the following loan terms: if you borrow $2000 for 2 years you will owe them 2000(1.12)^2=$2508.80. they establish
J&j finance comapny advertises 12% loans with the following loan terms: if you borrow $2000 for 2 years you will owe them 2000(1.12)^2=$2508.80. they establish the payments at 2508.80/24=$104.53 per month for the next 24 months. you wonder if this is really a 12% loan. what is the APR of the loan?
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Principles Of Banking
Authors: Allyn C Buzzel
11th Edition
089982689X, 9780899826899
