Part 1 - Cost of College Antonio always wanted to be a nurse. He liked the cost and flexibility of Monroe Community College and so
enrolled in a 2+2 Dual Admission program through MCC and St. John Fisher (SJF).
Antonio took the time to apply for some of the many scholarships offered by MCC. He highly recommends
that you explore this page he found by searching for scholarships on the MCC website:
https://www. monroecc. edu/tuition-aid/types-of-aid/schola rships/.
Antonio was able to cover the cost of tuition at MCC through scholarships and help from his parents. He got a
part-time job and was able to pay for his books, rent, and other living expenses while studying at MCC.
To cover the costs at SJF, however, Antonio needed to take out loans.
Loan #1:
Fortunately, Antonio's Uncle John offered him a $10,000 loan at an interest rate of 2.5% to cover living
expenses. Uncle John asked that the interest of $1500 and the entire principal be paid back in one lump sum
at the end of six years.
Is this an example of a personal note, a fixed installment loan,
or an open-end installment loan? Justify your answer.
(refer to the requirements for a written response provided on the cover page)
[2 points)