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Table 5 Cumulative loan balance and interest expense ( 1% per month) b. Given that Gale Force
is charged 12 percent annual interest ( 1 percent a month) on its cumulative loan balance each
month ( Table 5), how much would Tim's suggestion save in interest expense in a year?

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  • 1. Table 5 Cumulative loan balance and interest expense ( 1% per month) b. Given that Gale Force is charged 12 percent annual interest ( 1 percent a month) on its cumulative loan balance each month ( Table 5), how much would Tim's suggestion save in interest expense in a year?