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Claire needs to borrow $6000 to pay for NHL season tickets for her family. She borrows from the credit un with 36 monthly payments of $196.26 each with an APR of 8.5%. What would Claire save in interest if she in full at the time of the twenty-fourth payment and the credit union used the actuarial method for computin unearned interest? Claire would save S

Claire needs to borrow $6000 to pay for NHL season tickets for her family. She borrows from the credit un with 36 monthly payments of $196.26 each with an APR of 8.5%. What would Claire save in interest if she in full at the time of the twenty-fourth payment and the credit union used the actuarial method for computin unearned interest? Claire would save S

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
Problem 1PS
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Claire needs to borrow $6000 to pay for NHL season tickets for her family. She borrows from the credit union with 36 monthly payments of $196.26 each with an APR of 8.5%. What would Claire save in interest if she paid in full at the time of the twenty-fourth payment and the credit union used the actuarial method for computing unearned interest? Claire would save S in interest (Round to the nearest cent as needed.)
Transcribed Image Text:Claire needs to borrow $6000 to pay for NHL season tickets for her family. She borrows from the credit union with 36 monthly payments of $196.26 each with an APR of 8.5%. What would Claire save in interest if she paid in full at the time of the twenty-fourth payment and the credit union used the actuarial method for computing unearned interest? Claire would save S in interest (Round to the nearest cent as needed.)
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