a. You took out a loan for $68,800, at 4.5% ordinary interest. The total amount of interest

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a. You took out a loan for $68,800, at 4.5% ordinary interest. The total amount of interest was $4,644?

What is the time period (in days) of the loan?

b. You repaid a $2,500 installment loan with 24 monthly payments of $123.00 each.

What was the annual percentage rate of the loan? answer b: 16.496% ?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Feb 15, 2024 12:10 AM

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a. You took out a loan for $68,800, at 4.5% ordinary interest. The total amount of interest

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Expert Answer:

a Time Period of Loan Given the principal amount 68800 and the total interest accrued 4644 we can so... View the full answer

Income Tax Fundamentals 2013

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