THX!!! Chapter 7 Financial Planning Exercise 5 Calculating the APR on simple interest...
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Chapter 7 Financial Planning Exercise 5 Calculating the APR on simple interest and discount loans Find the finance charges on a 6.4 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Assume that the loan amount requested is $1,000. Round your answer to the nearest cent. Determine the APR in this case. Round your answer to two decimal places. % Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent. Determine the APR in this case. Round your answer to two decimal places. D %
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