Question #10 A bank says that it charges 15% annually on its loans and that the loan is compounded monthly. Based on a $10,000 loan, complete the following table for a bank that actually charges 15% annually and for one that does not, but uses the compound interest formula. (Assume no payments are made.) Actual 15% annual percentage rate Advertised 15% annual percentage rate Write an equation to represent the amount owed after x years What rate is charged each month? How much would be owed in 10 years?​

x coordinate is none

step-by-step explanation:

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explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.  

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.