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Business, 21.06.2020 04:57 Weser17

A local finance company quotes an interest rate of 18.7 percent on one-year loans. So, if you borrow $42,000, the interest for the year will be $7,854. Because you must repay a total of $49,854 in one year, the finance company requires you to pay $49,854/12, or $4,154.50 per month over the next 12 months. a. What rate would legally have to be quoted

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A local finance company quotes an interest rate of 18.7 percent on one-year loans. So, if you borrow...
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