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What is the APR you are actually paying

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Reference no: EM132920965

Problem - Lumo Sum or Installments provides a good overview on calculating this problem. Use the "A Number of Useful Financial Spreadsheets" to find a sample template you can use to work this problem. I showed you how to work ur problem as either and Ordinary Annuity or an Annuity Due.

The problem you will answer has the following fact pattern:

Your insurance premium for your autos are due and you have two options:

Option 1 - Pay the full amount of $1,200 now.

Option 2 - Pay $205 now and 5 monthly payments of $205 with the first payment starting in a month.

What is the APR you are actually paying if you choose the installment Option 2?

Reference no: EM132920965

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