Question
You are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What
You are offered an add-on loan for $4,500 at 18% for 5 years.
What is the monthly payment?
What is the amount of interest?
What is the true interest rate cost of this loan?
If you could pay the same loan above at a compound rate,
What would the monthly payment be?
What would the amount of interest be?
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Survey Of Economics, Principles, Applications, And Tools
Authors: Arthur O'Sullivan, Steven M. Sheffrin, Stephen J. Perez
5th Edition
0132556073, 978-0132556071
