Question
would really appreciate help on this questions im stuck on thank you! hopefully me typing the questions out is better than the picture before thank
would really appreciate help on this questions im stuck on thank you! hopefully me typing the questions out is better than the picture before thank you!
Shirley, a recent college graduate, excitedly described to her older sister the$1,560 sofa, table, and chairs she found today. However, when asked she could not tell her sister which interest calculation method was to be used on her credit-based purchase. Calculate the monthly payments and total cost for a bank loan assuming a one-year repayment period and13.25 percent interest. Now, assume the store uses the add-on method of interest calculation. Calculate the monthly payment and total cost with a one-year repayment period and11.25 percent interest. Using the information above, how much interest will Shirley "save" or be rebated if she can repay the loans after six months?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started