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Patrick Would Like to Know the Monthly Payments and the Total

question 21

Essay

Patrick would like to know the monthly payments and the total finance charges on the following two loan options: (Show all work.)
a.$30,000, 9%, 36 months
b.$30,000, 9%, 48 months


Definitions:

Fibrinogen

A soluble plasma glycoprotein that is converted to fibrin by thrombin during blood clot formation.

Plasmin

Enzyme derived from plasminogen; dissolves clots by converting fibrin into soluble products.

Fibrin

A fibrous, non-globular protein produced in the blood clotting process, essential for wound healing.

Factor XII

A clotting factor also known as Hageman factor, involved in the initiation of the coagulation cascade in blood clotting.

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