Alice took out a loan for $19,500 at 13 1/2% on Nov 4, 2018, which will be due on January 14, 2019. Using ordinary interest, what will be the interest cost, and what amount will Alice pay back on January 14, 2019? (Round your answers to the nearest cent.)
Bruce Seem took out the same loan as Alice in the preceding problem, but his terms were exact interest. What will be his interest cost and what will Bruce payback on January 14, 2019? (Round your answers to the nearest cent.)
Who had better terms?
1 answer