Question #1 – Simple Interest
Jack borrowed money to finance his new business. Private investors offered Jack $28,000 of the $35,000 he needed. To make up the difference, Jack secured a small business, simple interest loan. Jack’s loan was structured as an installment loan and required him to pay $297.50/month for 30 months. Calculate the amount financed, total installment price, the finance charge, and the interest rate.
The calculations on how each answer was reached must be provided!!!
