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19. Lola Samaria would like an installment loan of $1,200.00 for auto repairs. Walton Savines and Loan will loan her the money at 15 percent for 12 months. Horton Finance Company will loan her the money at 18 percent for 24 months. How much will she save by taking the loan with the lowest finance charge?

19. Lola Samaria would like an installment loan of $1,200.00 for auto repairs. Walton Savines and Loan will loan her the money at 15 percent for 12 months. Horton Finance Company will loan her the money at 18 percent for 24 months. How much will she save by taking the loan with the lowest finance charge?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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19. Lola Samaria would like an installment loan of $1,200.00 for auto repairs. Walton Savinos and Loan will loan her the money at 15 percent for 12 months. Horton Finance Company will loan her the money at 18 percent for 24 months. How much will she save by taking the loan with the lowest finance charge? 20. Pauline and Eldon Kharche would like to obtain an installment loan of $9,800.00 for replacement windows months or at an APR of 18 percent for 18 months. Which loan costs less? How much do the Kharches save by taking the loan that costs less? their home. They can get the loan at an APR of 15 percent for 24
Transcribed Image Text:19. Lola Samaria would like an installment loan of $1,200.00 for auto repairs. Walton Savinos and Loan will loan her the money at 15 percent for 12 months. Horton Finance Company will loan her the money at 18 percent for 24 months. How much will she save by taking the loan with the lowest finance charge? 20. Pauline and Eldon Kharche would like to obtain an installment loan of $9,800.00 for replacement windows months or at an APR of 18 percent for 18 months. Which loan costs less? How much do the Kharches save by taking the loan that costs less? their home. They can get the loan at an APR of 15 percent for 24
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