You are in the process of obtaining a 5-year fixed-rate loan…

You are in the process of obtaining a 5-year fixed-rate loan to buy a car. The loan amount is $20,000, and the rate is 6% (This is the nominal annual rate.) Assume that all equal monthly payments are made at the end of every month. What percentage of the payment is the interest for the first month?

Evaluation: Linda is desperate to lose 20 pounds before her…

Evaluation: Linda is desperate to lose 20 pounds before her high school class reunion next month and goes online to locate a quick loss program that will guarantee her success in reaching this goal. She finds a weight loss ad that promises a weight loss of 10 pounds a week while eating all you want. What questions should she consider before purchasing this plan?