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Fiona and Franny were comparing balances and interest rates on their respective car loans. At the end of last month Fiona still owed $12,300 and is paying 3.6% interest and Franny still owed $9,500 and is paying 4.66% interest. Fiona said she was going to have a larger interest charge than Franny this month, and Franny said she was going to have a larger interest charge this than Fiona. Which one is correct? O Franny is correct since her interest charge this month is $36.90 and Fiona's is $36.89 O Neither are correct since both will have the same interest charge this month. O Franny is correct since her interest charge this month is $36.89 and Fiona's is $36.90 O Fiona is correct since her interest charge this month is $36.89 and Fiona's is $36.90 O Fiona is correct since her interest charge this month is $36.90 and Franny's is $36.89

Fiona and Franny were comparing balances and interest rates on their respective car loans. At the end of last month Fiona still owed $12,300 and is paying 3.6% interest and Franny still owed $9,500 and is paying 4.66% interest. Fiona said she was going to have a larger interest charge than Franny this month, and Franny said she was going to have a larger interest charge this than Fiona. Which one is correct? O Franny is correct since her interest charge this month is $36.90 and Fiona's is $36.89 O Neither are correct since both will have the same interest charge this month. O Franny is correct since her interest charge this month is $36.89 and Fiona's is $36.90 O Fiona is correct since her interest charge this month is $36.89 and Fiona's is $36.90 O Fiona is correct since her interest charge this month is $36.90 and Franny's is $36.89

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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Fiona and Franny were comparing balances and interest rates on their respective car loans. At the end of last month Fiona still owed $12,300 and is paying 3.6% interest and Franny still owed $9,500 and is paying 4.66% interest. Fiona said she was going to have a larger interest charge than Franny this month, and Franny said she was going to have a larger interest charge this than Fiona. Which one is correct? O Franny is correct since her interest charge this month is $36.90 and Fiona's is $36.89 O Neither are correct since both will have the same interest charge this month. O Franny is correct since her interest charge this month is $36.89 and Fiona's is $36.90 O Fiona is correct since her interest charge this month is $36.89 and Fiona's is $36.90 O Fiona is correct since her interest charge this month is $36.90 and Franny's is $36.89
Transcribed Image Text:Fiona and Franny were comparing balances and interest rates on their respective car loans. At the end of last month Fiona still owed $12,300 and is paying 3.6% interest and Franny still owed $9,500 and is paying 4.66% interest. Fiona said she was going to have a larger interest charge than Franny this month, and Franny said she was going to have a larger interest charge this than Fiona. Which one is correct? O Franny is correct since her interest charge this month is $36.90 and Fiona's is $36.89 O Neither are correct since both will have the same interest charge this month. O Franny is correct since her interest charge this month is $36.89 and Fiona's is $36.90 O Fiona is correct since her interest charge this month is $36.89 and Fiona's is $36.90 O Fiona is correct since her interest charge this month is $36.90 and Franny's is $36.89
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