Question
Suppose you take out a $1,000, 3-year loan using add-on interest with a quoted interest rate of 20% per year. What will your monthly payments
Suppose you take out a $1,000, 3-year loan using add-on interest with a quoted interest rate of 20% per year. What will your monthly payments be? (Total payments are $1,000 + $1,000 * 0.20 * 3 = $1,600.) What are the true APR and effective annual rate on the loan?
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Financial Ratio Analysis
Authors: Andrew P.C.
1st Edition
1973493381, 978-1973493389
