Sherryse H. answered 09/18/14
Tutor
3
(1)
Accounting, Income Tax, Excel
terms of bank loans generally have the following disclosed :
1, principal amount financed
2, interest rate on principal
3, payment amount
4, frequency of payment (e.g. monthly, quarterly, semi-annually, annually)
... what you're asking in your question should specifically define the above information ...
"11% discount" .. "the bank charges $638" are contradictory, ambiguous words ... please clarify items 1 - 4 above ...