The Rodriguez family has been planning a vacation to Europe for the past two years. Gratton Savings agrees to advance a $ 7,200 loan to finance the trip as long as the Rodriguez family repays the loan in 12 equal monthly installments. Gratton will charge an additional 6% loan fee. How much interest will the Rodriguez pay under the complementary loan rate method? What is the amount of each required monthly payment? What is the effective loan rate in this case

Answer rating: 100% (QA)

interest to paid 7200006432 interest to paid 432 T... View the full answer