Business, 27.02.2022 05:10 rennytheraccoon

3.61 Antonio Menifee borrowed money from a bank to finance a small fising boat. The bank's terms allowed him to defer parments (inclusing interest) on the loan for six months and to make 36 equal end of month payments thereafter. The orginial bank note was for $16000 with an interest rate of 9% compounded monthly. After 16 monthly payments, Antonio found himself in a financial bind and went to a loan company for assistance in lowering his monthly payments. Fortunately, the loan company offered to pay his debts in one lump sum if he would pay the company $308.29 per month for the next 36 months. What monthly rate of interest is the loan company charging on the transaction

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3.61 Antonio Menifee borrowed money from a bank to finance a small fising boat. The bank's terms all...

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