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
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
icon
Related questions
Question

Please answer fast without plagiarism i give up vote 

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.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Similar questions
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education