Find the finance charges on a 5 percent, 18-month, $1,000, single-payment loan when interest is computed using the simple interest method. Round your answer to the nearest cent. $ Determine the APR in this case. Round your answer to two decimal places. % Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent. $ Determine the APR in this case. Round your answer to two decimal places. %
Find the finance charges on a 5 percent, 18-month, $1,000, single-payment loan when interest is computed using the simple interest method. Round your answer to the nearest cent. $ Determine the APR in this case. Round your answer to two decimal places. % Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent. $ Determine the APR in this case. Round your answer to two decimal places. %
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 5FPE
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Question
Find the finance charges on a 5 percent, 18-month, $1,000, single-payment loan when interest is computed using the simple interest method. Round your answer to the nearest cent.
$
Determine the APR in this case. Round your answer to two decimal places.
%
Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent.
$
Determine the APR in this case. Round your answer to two decimal places.
%
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