17.06 17.16 17.25 17.35 12 8.70 8.79 8.88 8.98 18 5.91 6.01 6.10 6.19 24 4.52 4.61 4.71 4.80 30 3.69 3.78 3.87 3.97 36 3.13 3.23 3.32 3.42 42 2.74 2.83 2.93 3.03 48 2.44 2.54 2.63 2.73 Use Figure 8.1. Corey Griffin obtained an installment loan of $1,000. The annual percentage rate is &8%. He must repay the loan in 18 months. What is the finance charge? Select one: O a. $63.80 O b. $78.20 $59.10 O d. $75.10
17.06 17.16 17.25 17.35 12 8.70 8.79 8.88 8.98 18 5.91 6.01 6.10 6.19 24 4.52 4.61 4.71 4.80 30 3.69 3.78 3.87 3.97 36 3.13 3.23 3.32 3.42 42 2.74 2.83 2.93 3.03 48 2.44 2.54 2.63 2.73 Use Figure 8.1. Corey Griffin obtained an installment loan of $1,000. The annual percentage rate is &8%. He must repay the loan in 18 months. What is the finance charge? Select one: O a. $63.80 O b. $78.20 $59.10 O d. $75.10
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
Related questions
Question

Transcribed Image Text:Figure 8.1. Use this table with the question(s) below, as needed.
MONTHLY PAYMENT ON A $100
LOAN
Term
Annual Percentage Rate
in
Months 8.00% 10.00% 12.00% 14.00%
17.06 17.16 17.25 17.35
12
8.70
8.79
8.88
8.98
18
5.91
6.01
6.10
6.19
24
4.52
4.61
4.71
4.80
30
3.69
3.78
3.87
3.97
36
3.13
3.23
3.32
3.42
42
2.74
2.83
2.93
3.03
48
2.44
2.54
2.63
2.73
Use Figure 8.1. Corey Griffin obtained an installment loan of $1,000. The
annual percentage rate is 8%. He must repay the loan in 18 months. What
is the finance charge?
Select one:
a. $63.80
b. $78.20
C.
$59.10
d. $75.10

Transcribed Image Text:Figure 8.1. Use this table with the question(s) below, as needed.
MONTHLY PAYMENT ON A $100
LOAN
Term in Annual Percentage Rate
Months 8.00% 10.00%12.00%14.00%
17.06 17.16 17.25 17.35
12
8.70
8.79
8.88
8.98
18
5.91
6.01
6.10
6.19
24
4.52
4.61
4.71
4.80
30
3.69
3.78
3.87
3.97
36
W3.13
3.23
3.32
3.42
42
2.74
2.83
2.93
3.03
48
2.44
2.54
2.63
2.73
Use Figure 8.1. Katie Cole purchased a mountain bike with an installment
loan that has an APR of 14%. The mountain bike sells for $762. The store
financing requires a 15% down payment and 24 monthly payments. What
is the finance charge?
Select one:
a. $95.50
b. $98.46
С.
$99.00
d. $91.05
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