Question

Instead of using the store’s installment plan, Kenneth can borrow $6,000 at an APR of 12% from a local consumer finance company. What would be the monthly payment for this loan using the table? (Hint: Use the monthly formula in example 4 on page 184).

c. How much interest would the finance company charge?


d. Should Kenneth use the installment plan or borrow the money from the finance company?

Answer 1

720

do cross products and put the numbers over each other