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Question 3: You wish to buy a $10,000 dining room set. The furniture store offers you a 3-year loan with an 11 percent APR. What
Question 3: You wish to buy a $10,000 dining room set. The furniture store offers you a 3-year loan with an 11 percent APR. What are the monthly payments? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Payment $ per month How would the payment differ if you paid interest only? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Payment $ per month What would the consequences of such a decision be? You would have repaid the loan completely. You would have paid $11786.04 at the end of the 36 months. You would owe $3300.12 at the end of the 36 months. You would owe $10,000 at the end of the 36 months
Question 4: What annual rate of return is implied on a $2,500 loan taken next year when $3,500 must be repaid in year 4? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annual rate of return ______%
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