Question
Use the following information for questions 7 - 9. A bank customer is granted credit for a $2,000 loan at 10% to be repaid in
Use the following information for questions 7 - 9.
A bank customer is granted credit for a $2,000 loan at 10% to be repaid in 12 equal installments.
Question 7. If the loan is a discount loan, what are the net proceeds of the loan?
Question 8. If the loan is a discount loan, what is the monthly payment?
Question 9. If the loan quoted has an add-on rate, what is the approximate annual percentage rate (APR) on the loan?
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Understanding The Finance Of Welfare
Authors: Howard Glennerster
2nd Edition
1847421091, 978-1847421098
