1)A stream of equal payments that occur at the beginning of each month for one year...

1)A stream of equal payments that occur at the beginning of each month for one year is called a(n) __________.

2) Your credit card charges interest of 1.2 percent per month. What is the annual percentage rate?

3)What type of loan is repaid in a single lump sum?

Solutions

Expert Solution

1.The stream of equal payments that occurs at the beginning of each month is called annuity due.

2.Annual percentage rate = 1.2%*12 = 14.4%

3.Lump sum repayment loan is repaid in a single lump sum.

jeff jeffy answered 2 years ago

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