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Betty Hines plans to borrow $5000 and to repay it in 36 monthly installments This loan is being made at an annual add on interest rate of 95% a Calculate the finance charge on this loan assuming

Betty Hines plans to borrow $5,000 and to repay it in 36 monthly installments. This loan is being made at an annual add-on interest rate of 9.5%.

 

a. Calculate the finance charge on this loan, assuming that the only component of the finance charge is interest.

b. Use your finding in part a to calculate the monthly payment on the loan.

c. Using a financial calculator, determine the APR on this loan.

May 17 2020 View more View Less

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