[SOLVED] Consumer MKPT

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June 7th, 2022

I need an explanation for this Economics question to help me study.

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Grab Your calculators! Calculate Interest And APR. PLEASE SHOW ALL WORK

1. Determining Interest cost using simple interest formula, What are the interest cost and the total amount due on a six-month loan of $1500 at 13.2 percent simple annual interest?

2. Calculating interest using the bank discount method, your uncle lends you $2,000 less $100(interest at 5%), and you receive $1,900.Use APR formula to find the true annual percentage rate.

3. Calculating the annual percentage rate using the compound interest formula, A $1,000 loan is paid off in 12 equal monthly payments. The stated annual interest rate is 10%. What is the annual percentage rate?

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[SOLVED] Consumer MKPT

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