2. You purchase a washing machine and dryer for P37,500. You pay 20% down and agree to repay the balance in 12 equal monthly payments. The finance charge on the balance is 8% simple interest. Find the a) finance charge b) estimated annual percentage rate. Round to the nearest hundredth of a percent.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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2. You purchase a washing machine and dryer for P37,500. You pay 20% down and agree to
repay the balance in 12 equal monthly payments. The finance charge on the balance is 8%
simple interest. Find the a) finance charge b) estimated annual percentage rate. Round to
the nearest hundredth of a percent.
Transcribed Image Text:2. You purchase a washing machine and dryer for P37,500. You pay 20% down and agree to repay the balance in 12 equal monthly payments. The finance charge on the balance is 8% simple interest. Find the a) finance charge b) estimated annual percentage rate. Round to the nearest hundredth of a percent.
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