Find the finance charges on a 6.5 percent, 18-month, single-payment loan when interest is computed using the
Question:
Find the finance charges on a 6.5 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Find the finance charges on the same loan when interest is computed using the discount method. Determine the APR in each case.
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We will assume that the loan amount requested is 1000 and compute the interest rate using both metho...View the full answer
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Related Book For 
Personal Financial Planning
ISBN: 978-1111971632
13th edition
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
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