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Richard borrows $8,000 for a period of four years at an add-on interest
rate of 11 percent.
Questions
a. What is the total interest on Richard’s loan?
b. What is the total cost of the car?
c. What is the monthly payment?
d. What is the annual percentage rate (APR)?
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BUSN 380 Week 3 Quiz Set 1
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Question 1. Question : (TCO 3) Examples of _____ include automobile
and installment loans for purchasing furniture or appliances.
a line of credit
a credit card loan
open-end credit
closed-end credit
convenience credit