Question: 1. A store is offering a fixed installment loan option for your purchase of goods for $4400.00 :no down payment and financing at 6.35% simple

1. A store is offering a fixed installment loan option for your purchase of goods for $4400.00:no down payment and financing at 6.35% simple interest for 4 years.

a. What is the finance charge (interest)?

b. What is the monthly payment?

2. Another store offers you a fixed installment loan option for the same $4400 purchase: no down payment with monthly payments of $110.00 per month for 4 years.

a. What is the finance charge (interest) you will pay with this option?

b. What is the simple interest rate with this option?

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