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1 . You buy furniture for $700. The retailer finances the entire amount for one year and says you will be charged 9% interest. The retailer uses the add-on method. Assuming your first monthly payment is due in one month, calculate the real annual rate you will pay.

2. You buy a car from your neighbor at a price of $9,000. You pay $500 down and pay 9.5% on the balance. If you make monthly payments of $200, how many months (to the nearest hundredth of a month) will it take to pay off the loan?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92856072

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