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Grab Your calculators! Calculate Interest And APR. PLEASE SHOW ALL WORK
1. Determining Interest cost using simple interest formula, What are the interest cost and the total amount due on a six-month loan of $1500 at 13.2 percent simple annual interest?
2. Calculating interest using the bank discount method, your uncle lends you $2,000 less $100(interest at 5%), and you receive $1,900.Use APR formula to find the true annual percentage rate.
3. Calculating the annual percentage rate using the compound interest formula, A $1,000 loan is paid off in 12 equal monthly payments. The stated annual interest rate is 10%. What is the annual percentage rate?
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