I NEED ANSWEAR ASAP You borrow $1,000 and amortize the loan by making...
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Accounting
I NEED ANSWEAR ASAP
You borrow $1,000 and amortize the loan by making 12 monthly payments of $90. What annual rate of interest is the lender charging you?
13.45%
12.45%
10.45%
11.45%
14.45%.
In exchange for paying two points up front, the lender lowers the interest rate on the previous loan to 13%. What is the monthly payment that amortizes the loan?
$89.13
$89.32
$88.13
$87.32
$89.68.
What the effective annual rate will you be paying if you accept the offer in the previous question? Hint: Please note that although you are paying interest on $1,000 you are only receiving $980
14.45%
16.87%
10.45%
11.45%
14.45%.
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