2.14. You borrow B dollars from your bank, which adds on the total interest before computing the monthly payment (add-on interest). Thus, if the quoted nominal interest rate (annual percentage rate) is r% and the loan is for N months, the total amount that you agree to repay is B + B(N/12)(r/100) This is divided by N to give the amount of each payment, A A – B(1/N + r1200) This is called an add-on loan. But the true rate of interest that you are paying is somewhat more than 1%, because you do not hold the amount of the loan for the full N months
a. Find the equation to determine the true rate of interest i per month. b. Plot the relationship between r and as a function of N. c. For B = $10,000, N = 36 months, and r = 8%, find the effective annual borrowing rate per year. d. Identify the lending situation in which the true interest rate per month ap- proaches to r/12.
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