Consumer math question

Aug 13th, 2015
Anonymous
Category:
Mathematics
Price: $5 USD

Question description

Question #1 – Simple Interest
Jack borrowed money to finance his new business. Private investors offered Jack $28,000 of the $35,000 he needed.  To make up the difference, Jack secured a small business, simple interest loan. Jack’s loan was structured as an installment loan and required him to pay $297.50/month for 30 months. Calculate the amount financed, total installment price, the finance charge, and the interest rate.

The calculations on how each answer was reached must be provided!!!

Tutor Answer

(Top Tutor) aazam
School: Carnegie Mellon University

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