You see that First National Bank is willing to make you a four-year $40,000 car loan with
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You see that First National Bank is willing to make you a four-year $40,000 car loan with an interest rate of 4.2%. However, the same bank will charge you 16.5% interest on a credit card that it issues. Why is the interest rate on the credit card so much higher than the interest rate on the car loan?
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One of the main reasons is the banks desire to make m...View the full answer
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