Fixed installment loans?
You plan to purchase items for$500and will finance the cost with a fixed installment loan. The seller tells you that you will have to pay 20 dollars per month for 36 months.
a) What is the finance charge?
b)What is the interest rate? (Round to the nearest hundredth)
Answer
Answers can be viewed only if
- The questioner was satisfied and accepted the answer, or
- The answer was disputed, but the judge evaluated it as 100% correct.
Erdos
4.6K
The answer is accepted.
Join Matchmaticians Affiliate Marketing
Program to earn up to 50% commission on every question your affiliated users ask or answer.
- answered
- 388 views
- $2.00
Related Questions
- Disecting Constant Product formula
- Reconciling Kelly Criterion derivatives
- Kelly Criterion for an example
-
Mathematical finance question on Portfolio
and Investment Year Methods(question attached below) - Solving Constant Product for price
- Contract Crediting Rate Formula
- Compound Interest with monthly added capital
- Make a graphical of analysis of the Strong Axiom of Revelead Preference