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plesde round answers to nearest cent James Magee is thinking of buying a home for $117,700. Bank of the Future advertises an 80%, thirty-year simple
plesde round answers to nearest cent
James Magee is thinking of buying a home for $117,700. Bank of the Future advertises an 80%, thirty-year simple interest amortized loan at 941% interest, with an APR of 10.23%. R.T.C. Savings and Loan advertises an 80%,30-year simple interest amortized loan at 9% interest with an APR of 10.16%. (Round your answers to the nearest cent.) (a) Find James's monthly payment if he borrows through Bank of the Future. 5 . (b) Find James's monthly payment if he borrows through R.T.C. Savings and Loan. $ (c) Use the APR to approximate the fees included in the finance charge by Bank of the Future. $ . (d) Use the APR to approximate the fees included in the finance charge by R.T.C. Savings and Loan. $x (e) Discuss the advantages of each of the two loans. The R.T.C. Ioan has a lower monthly payment but has higher fees. The Bank of the Future loan has a lower monthly payment but has higher fees. The Bank of the Future loan has a lower monthly payment and has lower fees. The R.T.C. loan has a lower monthly payment and has lower fees Step by Step Solution
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