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I posted instructions

Date Posted: 16/10/2021
Category: Economics
Due Date: 16/10/2021
Instruction
1. Origination Fees. Jack needs to borrow $1,000 for one year. Bank South will give him the loan at 9%. SunCoast Bank will give him the loan at 7% with a $50 loan origination fee. First National will give him the loan at 6% with a $25 loan origination fee. Determine the total interest and fees Jack will be charged in each case. Which loan should Jack choose? 2.Amortization. Beth has just borrowed $5,000 on a four-year loan at 8% simple interest. Complete the amortization table at the bottom of the page for the first five months of the loan. 3. Add-On Interest Loan. If Beth had taken the same loan as an add-on interest loan, how would her payments differ? Why is there a difference? 4. Loan Payments. Tracy is borrowing $8,000 on a six-year, 11%, add-on interest loan. What will Tracy’s monthly payments be?
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