Find the finance charges on an 8.4 percent, 18-month, $1,000, single-payment loan when interest is computed using the simple interest method. Round your answer to the nearest cent. Using the simple interest method, find the monthly payments on a $4,500 installment loan if the funds are borrowed for 24 months at an annual interest rate of 6%.
Find the finance charges on an 8.4 percent, 18-month, $1,000, single-payment loan when interest is computed using the simple interest method. Round your answer to the nearest cent.
Using the simple interest method, find the monthly payments on a $4,500 installment loan if the funds are borrowed for 24 months at an annual interest rate of 6%. You can use financial calculator, Excel, or Exhibit 7.6). Round the answer to the nearest cent. Round the answer to the nearest cent.
$ per month
How much interest will be paid during the first year of this loan? (Use a monthly payment analysis similar to the one in Exhibit 7.7.) Round your intermediate computations and final answers to the nearest cent.
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