Determine the total interest and fees jack will be charged

Reference no: EM131306083

Origination Fees-

Jack needs to borrow $1,000 for the next year. Bank South will give him the loan at 9%. SunCoast Bank will give him the loan at 7% with a $50 loan origination fee. First National will give him the loan at 6% with a $25 loan origination fee.

Determine the total interest and fees Jack will be charged in each case. Which loan should Jack choose?

Reference no: EM131306083

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