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Personal Financial Planning 13th Edition by Lawrence Gitman,Michael Joehnk,Randy Billingsley
Edition 13ISBN: 978-1111971632Personal Financial Planning 13th Edition by Lawrence Gitman,Michael Joehnk,Randy Billingsley
Edition 13ISBN: 978-1111971632 Exercise 26
Patricia Fox plans to borrow $5,000 and to repay it in 36 monthly installments. This loan is being made at an annual add-on interest rate of 7.5 percent.
a. Calculate the finance charge on this loan, assuming that the only component of the finance charge is interest.
b. Use your finding in part (a) to calculate the monthly payment on the loan.
c. Using a financial calculator, determine the APR on this loan.
a. Calculate the finance charge on this loan, assuming that the only component of the finance charge is interest.
b. Use your finding in part (a) to calculate the monthly payment on the loan.
c. Using a financial calculator, determine the APR on this loan.
Explanation
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The Add-on interest loan is the loan in ...
Personal Financial Planning 13th Edition by Lawrence Gitman,Michael Joehnk,Randy Billingsley
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