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Author Question: A Silver Hummer H3 sells for 98,000 tax included. GMAC lends money at the rate of 6.9 APR. You are ... (Read 52 times)

AEWBW

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  • Posts: 579
on: Jul 10, 2018
A Silver Hummer H3 sells for 98,000 tax included. GMAC lends money at the rate of 6.9 APR. You are at the beginning of the fourth year of a seven year term. You are making monthly payments on the loan.
 
  How much interest do you pay in the first month of the fourth year of the loan?
  A) 354.70
  B) 359.81
  C) 395.62
  D) 371.08
  E) 362.44

Question 2

Determine the effective annualized cost of forgoing the trade discount on terms 1/20 net 45.
 
  A) 20.69 B) 16.780 C) 14.55 D) 15.24


dudman123

  • Sr. Member
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  • Posts: 304
Reply #1 on: Jul 10, 2018
Answer to Question 1

A

Answer to Question 2

C


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