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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