Problembrenda callaway wants to borrow money to purchase, Ask an Expert

Finance

Problem:

Brenda Callaway wants to borrow money to purchase some new appliances. The bank offered her a $1000 loan at 8 percent simple interest and an upfront service charge of $45. If she is required to pay the entire loan back at the end of one year,

Required:

Question: What is her total finance charge?

Note: Please describe comprehensively and provide step by step solution.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147619

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