how do I find the answer for U.S Bank? #13 First America Bank's monthly payment charge...

Question

Question

#13 First America Banks monthly payment charge on a 48-month, $19,000 loan is $508.26. The U.S. Banks monthly payment fee i

how do I find the answer for U.S Bank?

Answer 1

Answer #1

For First America Bank
PV	19000
APR	12.844792%	=RATE(B5,B6,-B3)*12
nper	48.00
PMT	$508.26

For US Bank
PV	19000
APR	13.842167%	=RATE(B11,B12,-B9)*12
nper	48.00
PMT	$517.70

Here rate function has given us the effective rate per month. To get the APR we have multiplied it by 12

Answer 2

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