Question: Describe the two methods used to calculate the finance charges
Describe the two methods used to calculate the finance charges on a single payment loan. As a borrower, which method would you prefer? Explain.
Relevant QuestionsBriefly describe the basic features of an installment loan.What two questions should be answered before taking out a consumer loan? Explain.Kristin Simon needs to borrow $4,000. First State Bank will lend her the money for 12 months through a single-payment loan at 8 percent, discount; Home Savings and Loan will make her a $4,000, single-payment, 12-month loan ...1. How much would Anita(a) Receive in initial loan proceeds(b) Be required to repay at maturity under the North Carolina State Bank loan?2. Compute(a) The finance charges(b) The APR on the loan offered by North Carolina ...What are the advantages and disadvantages of term life insurance?
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