How are payments calculated under the add- on interest method?
Answer to relevant QuestionsWhy are loan payments under the simple interest method usually lower than loan payments under the add- on interest method? What are the advantages and disadvantages of leasing a car? Give some advice for someone considering leasing. What information must borrowers supply to lenders in the loan application process? Why is this information important to lenders? Beth has just borrowed $ 5,000 on a four- year loan at 8% simple interest. Complete the amortization table below for the first five months of the loan. Based on the information on finance payments that you retrieved from the loan payment Web site, advise the Sampsons on the best loan maturity for their needs.
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