Suppose, in Case 1, you borrow $14850 for two years at an APR of 8.75%. What will your monthly payment be? How much interest will
Suppose, in Case 1, you borrow $14850 for two years at an APR of 8.75%. What will your monthly payment be? How much interest will you have paid by the end of the loan? Round your answers to the nearest cent. Suppose, in Case 2, you buy a twoyear $14850 CD at an APR of 8.75% compounded monthly. How much interest will you be paid by the end of the period? Round your answer to the nearest cent
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