Answered

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PLEASE ANSWER ASAP!! Calculate payment schedules for the three loans you identified in Part A. For each loan, use an online calculator or spreadsheet to calculate the cost of the loan. Then, fill out the following information in the table below:

monthly payment based on the term
APR
number of payments required


Loan 1

Loan 2

Loan 3
Loan amount
Monthly payment
APR
Number of payments required

Sagot :

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Answer:

1----------------------------------------------------------------------------------------------

Type: Unsecured loan

Loan amount: $12,000

Monthly payment: $254.96

APR: 10%

Number of payments required: 60

2-------------------------------------------------------------------------------------------------

Type: retail financing

Loan amount: $25,000

Monthly payment: $434.49

APR: 17%

Number of payments required: 120

3-------------------------------------------------------------------------------------------------------

Type: Credit Card

Loan amount: $5,000

Monthly payment: $95.17

APR: 11%

Number of payments required: 72

Explanation:  https://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

This is the calculator I used :)

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