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Find the finance charges on the same loan

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Reference no: EM132492311

Question 1: Calculating the APR on simple interest and discount loans

Question 2: Find the finance charges on a 8.7 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Assume that the loan amount requested is $1,000. Round your answer to the nearest cent.

Question 3: Determine the APR in this case. Round your answer to two decimal places.

Question 4: Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent.

Question 5: Determine the APR in this case. Round your answer to two decimal places.

Reference no: EM132492311

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