What is the purpose of the annual percentage rate measurement? Could lenders with the same interest rates report different APRs?
Answer to relevant QuestionsWhat is simple interest? What information is needed to compute it? What information is contained in a loan repayment schedule? Describe some techniques that car salespeople might use in negotiating the price of the car. What should you be aware of at “no-haggle” dealerships? Why may a weak economy cause your credit limit on your home equity loan to decline? Why may a strong economy cause your credit limit on your home equity loan to rise? John and Cheryl just borrowed $ 30,000 on a home equity line of credit. The interest rate for the loan is 6.75% for the entire year, and they took out the loan on May1. John and Cheryl are in the 28% tax bracket. What will ...Refer to question 8. What will Mary and Marty’s credit limit be if the bank uses the market value of equity to determine their credit limit and will loan them 70% of the equity? In Question 8 Mary and Marty are interested ...
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