Question: For the $8,000 loan John needed, he was given a choice of in loans with the following characteristics. a. $1,200 in interest paid at the

For the $8,000 loan John needed, he was given a choice of in loans with the following characteristics.

a. $1,200 in interest paid at the end of the period.

b. $1,200 in interest paid at the beginning of the period.

c. $1,200 paid equally over the period with part of the principal retired each month.

Calculate the interest rate paid. In part (c), calculate using both the approximate method and the actual cost method assuming a one-year loan retired in 12 equal monthly installments of interest and principal?

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