Question: Using this formula please r=2nI/P(N+1) Here, r = Approximate APR n = Number of payment periods in one year (12, if payments are monthly; 52,

Using this formula please

r=2nI/P(N+1) Here, r = Approximate APR n = Number of payment periods in one year (12, if payments are monthly; 52, if weekly) I = Total dollar cost of credit P = Principal, or net amount of loan N = Total number of payments scheduled to pay off the loan

Lisa is at the bank trying to get a loan for $3,000. The bank offers her two options--both have equal payments over 2 years. Option #1 is to pay monthly at an annual rate of 14%. Option #2 is to pay weekly at an annual rate of 13%.

a. What is the monthly payment for option #1?

b. What is the weekly payment for option #2?

c. What is the APR for each option?

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