Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Laura Kennedy needs to borrow $5107 to pay for NBA season tickets for her family. She can borrow the amount from a finance company (at

image text in transcribed

Laura Kennedy needs to borrow $5107 to pay for NBA season tickets for her family. She can borrow the amount from a finance company (at 6.6% add-on interest for 3 years) or from the credit union (36 monthly payments of $160.13 each). Laura takes the credit union loan. At the time of her thirtieth payment she pays it off. If the credit union uses the rule of 78 for computing unearned interest, how much will she save by paying off the loan with the thirtieth payment? The amount that she will save by paying in full now is $ Round to the nearest cent as needed.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Money Locates You

Authors: Joan Ekobena

1st Edition

1774821257, 978-1774821251

More Books

Students also viewed these Finance questions

Question

1. Identify three approaches to culture.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago

Question

4. Describe how cultural values influence communication.

Answered: 1 week ago