M ebook Chapter 7 Financial Planning Exercise 10 Comparing payments and APRs of financing alternatives Because of a job change, Finn McBryde has just relocated to the southeastern United States. He sold his future before he moved, so he's now shopping for new local furniture store, he's found an assortment of couches, chairs, tables, and beds that he thinks would look great in his new, two-bedrooms, the is $5,000. Because of moving costs, Finn is a bit short of cash right now, so he's decided to take out an instalimentator 35.000 to pay for the future. The future to lend him the money for 48 months at an add-on interest rate of 9 percent. The credit union at Fine's tem offers to wind him the money them the interest rate of 10 percent, but only for a term of 18 months a. Compute the monthly payments for the loan from the furniture store. Round the answer to the nearest cont. per month { Compute the monthly payments for the loan from the credit union. Round the answer to the nearest cont per month b. Determine the APR for the loan from the furniture store. Round the answer to 2 decimal places Determine the APR for the loan from the credit union Round the answer to 2 decimal places, which is more important: low payments or a low APR? Select Grade it Now Save & Continue MacBook Pro