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)?--------------------------------------------------------------------------------------- BUSN 380 Week 3 Quiz Set 1 FOR MORE CLASSES VISIT www. busn380study. com
an installment loan, he learns that interest on most automobile loans is quoted at add-on rates.
That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back.
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)?--------------------------------------------------------------------------------------- BUSN 380 Week 3 Quiz Set 1 FOR MORE CLASSES VISIT www. busn380study. com
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