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Ever Shop for Credit?
A farmer needs a piece of equipment priced @ $2000.0Q He can pay $1000.00 down; needs to borrow the rest. A loan agency charges 5% in advance. The farmer agrees to make twelve monthly payments of $83.34 each. What is the true interest rate? He can get a ton of ferterlizer @ $40.00 per ton cash; or $42.00 per ton with six months to pay. What is the true interest paid for this time credit? Could the farmer have gotten credit at a lower cost elsewhere? A newly married couple needs a refrigerator. They find one'that will meet their needs priced at $400.00, must pay $100.00 down and make 24 payments at $14.00 per month. What is the interest rate charg ed? Could they have saved money by borrowing from another loan agency that charged 4 1/2% in advance? Tommy Amos will explain at the February extension School a simple formula that will give you the answers to questions like these. Enroll by January 30th through your county agent. No fees required.
Where Do They Go;
What Do They Do?
Blacksburg, Va. -- Where do they go and what do they do — these university graduates?
Virginia Polytechnic Insti
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