1. What are the finance charges on a simple-interest single payment loan of $22,600 if...
80.2K
Verified Solution
Link Copied!
Question
Finance
1. What are the finance charges on a simple-interest single payment loan of $22,600 if the interest rate is 9.5% and the term is 54 months? What would the finance charges be on the same loan if the interest is computed using the discount method? Calculate the APR of each loan.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
