Instead of using the store’s installment plan, Kenneth can borrow $6,000 at an APR of 12% from a local consumer finance company. What would be the monthly payment for this loan using the table? (Hint: Use the monthly formula in example 4 on page 184).

c. How much interest would the finance company charge?

d. Should Kenneth use the installment plan or borrow the money from the finance company?

Question

01-03-2022
Mathematics

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Instead of using the store’s installment plan, Kenneth can borrow $6,000 at an APR of 12% from a local consumer finance company. What would be the monthly payment for this loan using the table? (Hint: Use the monthly formula in example 4 on page 184).

c. How much interest would the finance company charge?

d. Should Kenneth use the installment plan or borrow the money from the finance company?

Sagot :

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