Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your company takes out a $18,000 interest only loan over 4 years. The current prime rate is 7% APR. Since you are a good risk
Your company takes out a $18,000 interest only loan over 4 years. The current prime rate is 7% APR. Since you are a good risk your interest rate will be +2% over prime, what is the total interest paid? O $135 O $3,504 O $6,480 O $18,135 Save Question 10 (1 point) You need a car and decide to lease for 36 months. The original price is $20,000 and the trade value in 36 months, assuming you don't exceed the mileage allowance, is $5,000(treat this as a future value). No down payment is required. If the interest rate is 9% APR compounded monthly, what is the lease payment? O $5066.37 O $503.38 O $5100.15 $510.67
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