Credit Union Loan Enrico Montoyo wants to borrow $350 for
Chapter 11, Problem 11.1.101(choose chapter or problem)
Credit Union Loan Enrico Montoyo wants to borrow $350 for 6 months from his credit union, using his savings account as security. The credit unions policy is that the maximum amount a person can borrow is 80% of the amount in the persons savings account. The interest rate is 2 percentage points higher than the interest rate being paid on the savings account. The current rate on the savings account is 3.25%. a) How much money must Enrico have in his account to borrow $350? b) What is the rate of interest the credit union will charge for the loan? c) Find the amount Enrico must repay in 6 months.
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