You have just taken out a five-year loan from a bank to buy an engagement ring.

Question

You have just taken out a five-year loan from a bank to buy an engagement ring. The ring costs $6,200. You plan to put down $1,200 and borrow $5,000. You will need to make annual payments of $1,150 at the end of each year. Show the timeline of the loan from your perspective. How would the timeline differ if you created it from the bank's perspective? Show the timeline of the loan from your perspective. (Select the best choice below.) How would the timeline differ if you created it from the bank's perspective? (Select the best choice below.)

Explanation / Answer

D

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