You need to buy a new bed. You dont have the cash on hand right now; the price comes to $1,399.99. a. The mattress store offers you financing in the form of an add-on loan. Here are the details: you would make 36 monthly payments of only $50 each! What is the simple interest rate on this loan?

b. When you read that Jordan got an Alaska Airlines credit card with a 14.24% interest rate, you applied for this card and got it too! This is the card you would use for this purchase. Assume you will take the same amount of time to pay off the credit card balance. What type of loan is a credit card loan?

c. Find the APR for each loan.