Define simple interest as it relates to an installment loan. Are you better off with add-on interest? Explain.
Answer to relevant QuestionsWhen does it make more sense to pay cash for a big-ticket item than to borrow the money to finance the purchase?Kevin Hams plans to borrow $8,000 for five years. The loan will be repaid with a single payment after five years, and the interest on the loan will be computed using the simple interest method at an annual rate of 6 percent. ...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 ...Discuss some benefits of life insurance in addition to protecting family members financially after the primary wage earners death.What is universal life insurance? Explain how it differs from whole life and variable life insurance.
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