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mrb0714 mrb0714
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A year ago
Anne Harrison borrowed $900 from her uncle to pay off her credit card bill. Anne agreed to repay the principal in three monthly installments of $300 each. Anne's uncle charged interest of 0.75% (monthly rate) on the unpaid balance each month. Complete Anne's loan payment schedule. Then use Anne's loan payment schedule to solve the effective rate problem.

  UnpaidInterestPrincipalTotalNew
 
Month
BalancePaymentPaymentPaymentBalance
a.
1
____________$300____________
b.
2
____________$300____________
c.
3
____________$300____________
  ------------------   
 Total____________   
  
d.Compute the effective annual interest rate in the Harrison loan agreement by using
  
 pr020-1.jpg
  
 where P is the average principal over the 3-month period, I is the total amount of interest, and T is 3/12 year.
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
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benschmannbenschmann
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A year ago
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mrb0714 Author
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A year ago
Just got PERFECT on my quiz
kc123
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Yesterday
Correct Slight Smile TY
aricketts6@
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2 hours ago
Smart ... Thanks!
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