Business, 09.04.2020 02:01 slawson4328

Ronald is borrowing $20,000 using the discount method. His bank is offering him an annual percentage rate of 8.5% and he is taking out the loan for 24 months.

How large of a check will Ronald receive from this loan when he leaves the bank? How much will he repay?

A) $20,000; $23,400

B) $16,600; $20,000

C) $12,000; $18,000

D) $33,000; $40,000

Answers: 3

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