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Calculate the equivalent annual rate for products

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Martina Williams values education and, therefore, wants to buy a new computer for $3,000 when she begins her study at university. She has no money now but can afford to put $200 a month towards the computer. She has decided to buy it by borrowing money now and will start repayments next month. She has two loan options:

1) Wonky credit card which charges 13% p.a. compounded daily with flexible repayments above a $70 monthly minimum amount.

2) Bozo consumer loan which charges 9% p.a. compounded monthly, with fixed monthly repayments and a 2-year term.

REQUIRED:

a) How much are her monthly repayments with the Bozo loan?

b) Calculate the Equivalent Annual Rate (EAR) for both products.

c) Which loan do you recommend to Martina and why?

Reference no: EM132654495

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