Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Cost of Credit
The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are…
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Question 2 Calli buys a laptop for P33, 000 and makes 12% down payment. If Calli agrees to repay the balance in 12 equal monthly payments at an annual simple interest rate of 6.50%, estimate the APR for Micah's loan.
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Transcribed Image Text:Question 2 Calli buys a laptop for P33, 000 and makes 12% down payment. If Calli agrees to repay the balance in 12 equal monthly payments at an annual simple interest rate of 6.50%, estimate the APR for Micah's loan.
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