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Wei-Jen needs to borrow $6000. She can borrow from a finance company at 6.80% add-on interest for 3 years. Or she can borrow from a
Wei-Jen needs to borrow $6000. She can borrow from a finance company at 6.80% add-on interest for 3 years. Or she can borrow from a credit union (36 monthly payments of $199.28 each.) Find each APR and determine the better choice. # of monthly payments (n) 10.0 APR 10.5 APR 11.0 APR 11.5 APR 12.0 APR 12.5 APR 13.0 APR 10.75 11.30 11.86 12.42 12.98 13.54 14.10 16.16 17.01 17.86 18.71 19.57 20.43 21.74 22.90 24.06 25.23 26.40 28.77 27.48 28.96 30.45 31.96 33.47 34.99 36.52 24 36 21.30 27.58 % Use the table to find the APR for the finance company loan. (Round to the nearest half percent.) % Use the table to find the APR for the credit union loan. (Round to the nearest half percent.) Which is the better choice? O Finance Company O Credit Union
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