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A used car dealer offers the following automobile finance opportunity.

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A used car dealer offers the following automobile finance opportunity. Monthly payments on the loan are 3% of the loan amount for 36 months. The loan amount is after any down payment. In addition the loan will require a $1,500 up front loan processing fee that is not included in the loan.;Part A;For a loan of $20,000, what is the APR with monthly compounding without the up front fee?;Part B;For a loan of $20,000, what is the APR with monthly compounding with the inclusion of the up front fee?

 

Paper#79728 | Written in 18-Jul-2015

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