Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term

Question

1 year ago

6

of 5 years.

1 answer:

Agata [3.3K] · Answer 1 · 2023-12-15T12:34:53+03:00

5 0

Answer: 9006.16

Step-by-step explanation:

In general, the length of billing cycle is at least 15 days and no longer than 90 days.

The finance charge for a billing cycle is $9,006.16.

The new opening balance in the following billing cycle is $29,006.16.