A finance company is using the following Money by Mail offer. Calculate the yearly nominal 1RR received
Question:
*Credit insurance. If selected, premium will be paid from amount financed. If not selected, cash advance is total amount financed.
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Non-Negotiabie INE 1196 To borrow $3000 $2000, or S1000 For the Amount of $3000 or $2000 or $1000 Pay to the Order of I Feel Rich Limited Time Ofer Dollars For the Amount of $3000 Dollars Pay to the Order of Toal of Payments $4,280.40 Number of Monthly Payments APR 18.95% Finance Charge $1034.29 Rich Moniluy Payment SI18.90 S3000 loan terns Credit Line Premium 36 Months $83.46* Amount Financed $3,246.25 Credit Disabilit Premium S162.65 For the Amount of $2000 Dollars Pay to the APR 19 95% Finance Charge S59425 Total of Payments $2.731.50 Nubr o Monhly Payments Monthly Payment S9105 Credit Line Premium 30 Months $44.38* Amount Financed $2,137.25 Credit Disabilit Premium 592.87 For the Amount of $1000 Dollars Pay to the Order of Total of Payments S1,300.80 Number of Monthly Paymenis APR 20.95% Finance Charge $245.54 I Feel Rich Monthly Payment S 54.20 Credit Line Premium 24 Months $16.91 Amoant Financed S1055.26 Credit Disabiit Premum 39.02
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Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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