Question
To borrow $3,600, you are offered an add on interest loan at 9.4 percent with 12 monthly payments. Compute the 12 equal payments. (Round your
To borrow $3,600, you are offered an add on interest loan at 9.4 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.) Equal Payments
Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. (Do not round intermediate calculations and round your answer to 2 decimal places.) EAR ____ %
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
18th edition
1292162406, 978-1292162409
