Question: Please answer B 19PIS 10.4.35 Question Help Grisha needs to borrow $1700 for an automobile repair. She finds that Bank A charges 5.2% simple interest

Please answer B

Please answer B 19PIS 10.4.35 Question Help Grisha needs to borrow $1700

19PIS 10.4.35 Question Help Grisha needs to borrow $1700 for an automobile repair. She finds that Bank A charges 5.2% simple interest on the amount borrowed for the duration of the loan and requires the loan to be repaid in six equal monthly payments. Bank B offers loans of $1700 to be repaid in 12 monthly payments of $145.92. Answer parts (a) through (d). Number Annual Percentage Rate of 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% Payments 8.5% 9.0% (Finance charge per $100 of amount financed) 6 1.46 1.61 1.76 1.90 2.05 2.20 2.35 2.49 2.64 12 2.73 3.00 3.28 3.56 3.83 4.11 4.39 4.66 4.94 a) How much interest is charged by Bank A? IS. Bank A charges $ 44.20 in interest. (Type an integer or a decimal.) lect b) How much interest is charged by Bank B? Bank B charges $ 5.2 in interest. (Type an integer or a decimal.) ? Enter your answer in the answer box and then click Check

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!