Question: Wei-Jen needs to borrow $6000. She can borrow from a finance company at 5.70% add-on interest for 4 years. Or she can borrow from a

Wei-Jen needs to borrow $6000. She can borrow from a finance company at 5.70% add-on interest for 4 years. Or she can borrow from a credit union

(48monthly payments of $155.08 each.) Find each APR and determine the better choice.

# of monthly payments (n)

10.0 APR

10.5 APR

11.0 APR

11.5 APR

12.0 APR

12.5 APR

13.0 APR

24

10.75

11.30

11.86

12.42

12.98

13.54

14.10

36

16.16

17.01

17.86

18.71

19.57

20.43

21.30

48

21.74

22.90

24.06

25.23

26.40

27.58

28.77

60

27.48

28.96

30.45

31.96

33.47

34.99

36.52

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 Finance Questions!

Q:

Wei-Jen needs to borrow $6000. She can borrow from a finance company at 5.70% add-on interest for 4 years. Or she can borrow from a credit union (48 monthly payments of $152.18 each.) Find each APR...

Q:

Wei-Jen needs to borrow $6000. She can borrow from a finance company at 6.80% add-on interest for 3 years. Or she can borrow from a credit union (36 monthly payments of $199.28 each.) Find each APR...

Q:

Wei-Jen needs to borrow $6000. She can borrow from a finance company at 6.90% add-on interest for 4 years. Or she can borrow from a credit union (48 monthly payments of $158.00 each.) Find each APR...

Q:

also what is the apr for the credit union and which company is the best choice for claire? Cace needs to bonow $S000 to pay for NHL, season tickets for her family. She can borrow from a finance...

Q:

Claire needs to borrow $6000 to pay for NHL season tickets for her family. She borrows from a credit union with 36 monthly payment of 1816 each Suppose the credit union uses the ute of 78 and impotes...

Q:

Claire needs to borrow $6000 to pay for NHL season tickets for her family. She can borrow from a finance company (at 2.77% add-on interest for 4 years) or she can borrow from a credit union (48...

Q:

Please see the below 50 questions from FIN 101. Q1. Which of the following will most likely result in an increase in discretionary funding needed? a. The company's profit margin increases. b. The...

Q:

which is the better choice? credit union or finance company Wei-Jen needs to borrow $5000. She can borrow from a finance company at 6.90% add-on interest for 4 years. Or she can borrow from a credit...

Q:

Hello. I'm looking for some help completing my finance project. (10% total course grade) There are quite a few questions. (40 total) I can check the answers one time before submitting. Hoping for...

Q:

My question is Q 67- calculating EAR with Add-on interest (it carries on to another page). Thank you! os tested that it will be five years before the plaintiff is able to return to work. jury has...

Q:

Grant writers use research skills both to access internal organizational information and to support their arguments on project needs and solutions. What do you still need to know about your...

Q:

Write a recursive procedure "print_shape" which takes a single integer argument "height" and displays a "shape" of this height made up of "*" characters on the screen. Test the function with a simple...

Q:

2 ) Warren Buffet, CEO of Berkshire Hathaway, opposes Milton Friedman s profit - focused approach to capitalism and has advocated ( and implemented at his company ) policy changes that....? a . Call...

Q:

The Frankies Computers Ltd , purchases 5 0 0 0 hard drives per year for use in its computers. Each cost GH 7 0 . 0 0 . The inventory holding cost is 2 5 % of the unit price. The supplier has provided...

Q:

You work for a nonprofit group that brings aid to underdeveloped countries across the world. Presently, you are in South America helping a small tribe build a waterworks station to bring much-needed...

Q:

How does your physical environment restrict and enhance your sensation; that is, how does it affect what you see, hear, taste, touch, and smell? Give examples.

Q:

When you actually meet someone from a different culture, what do you remember about him or her?