1 republic bank advertises their interest rates at 7 frac12, Ask an Expert

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1. Republic Bank advertises their interest rates at 7 ½ %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year.

2. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment? Assume an exact year.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M93049294

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