Question: Chapter 7 Financial Planning Exercise 5 Calculating the APR on simple interest and discount loans Find the finance charges on a 6.7 percent, 18-month, single-payment

Chapter 7 Financial Planning Exercise 5 Calculating the APR on simple interest and discount loans

Find the finance charges on a 6.7 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Assume that the loan amount requested is $1,000. Round your answer to the nearest cent. $

Determine the APR in this case. Round your answer to two decimal places. %

Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent. $

Determine the APR in this case. Round your answer to two decimal places. %

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