Question

Credit Union Loan. Enrico Montoyo wants to borrow $350 for 6 months from his credit union, using his savings account as security. The credit union's policy is that the maximum amount a person can borrow is 80% of the amount in the person's savings account. The interest rate is 2 percentage point 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

Answer 1

c) Find the amount Enrico must repay in 6 months?

Answer 2

@AlexandervonHumboldt2

Answer 3

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Answer 4

@Tallan