You take out an installment loan of $1,200 to pay for auto repairs. Harpo Savings and Loan

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You take out an installment loan of $1,200 to pay for auto repairs. Harpo Savings and Loan will lend you the money at 9% for 12 months. Firkins Finance Company will lend you the money at 12% for 24 months.

How much will you save by taking the loan with the lower finance charge?

Related Book For answer-question

Personal Financial Planning

ISBN: 978-1111971632

13th edition

Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley

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Posted Date: Apr 26, 2023 05:13 AM

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You take out an installment loan of $1,200 to pay for auto repairs. Harpo Savings and Loan

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To determine how much you will save by taking the loan with the lower finance charge we need to calc... View the full answer

Personal Financial Planning

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