Question: 1- Loan = $7500 Interest rate = 16.5% compounded monthly If you make $300 payments monthly what is the term of the loan? What's the

1-

Loan = $7500

Interest rate = 16.5% compounded monthly

If you make $300 payments monthly what is the term of the loan?

What's the size of the concluding payment if:

a) last full payment is increased to pay off the loan

b) last smaller payment is made one month after the last full payment.

2-

To purchase a piece of property worth $48,000

buyer agrees to pay $2000 down and pay the balance plus a service charge of $39.95 in 12 equal monthly payments.

If they purchase the system outright they receive a 6% discount.

What's the nominal rate of interest for the time payment plan?

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