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Business, 26.10.2019 02:43 zaynmaliky4748

The downers grove reporter ran an ad for a used 1998 harley-davidson sportster 883 for $6,750. patrick schmidt is interested in the motorcycle but does not have the money right now. patrick contacted the owner on october 19, and he agreed to give patrick a loan plus 5.5% exact interest. the loan must be paid back by december 22 of the same year. the first national bank will lend the $6,750 at 5%. patrick would have 3 months to pay off the loan.

(a) what is the total amount patrick will have to pay the owner of the motorcycle assuming exact interest?
(b) what is the total amount patrick will have to pay the bank?
(c) which option offers the most savings to patrick?
(d) how much will patrick save?

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The downers grove reporter ran an ad for a used 1998 harley-davidson sportster 883 for $6,750. patri...
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