I need an explanation for this Economics question to help me study.
Grab Your calculators! Calculate Interest And APR. PLEASE SHOW ALL WORK
1. Determining Interest cost using simple interest formula, What are the interest cost and the total amount due on a six-month loan of $1500 at 13.2 percent simple annual interest?
2. Calculating interest using the bank discount method, your uncle lends you $2,000 less $100(interest at 5%), and you receive $1,900.Use APR formula to find the true annual percentage rate.
3. Calculating the annual percentage rate using the compound interest formula, A $1,000 loan is paid off in 12 equal monthly payments. The stated annual interest rate is 10%. What is the annual percentage rate?
ANSWER QUESTION #4 ON ATTACHED PAGE
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