Jack Fitzgerald wishes to purchase a used car that has a cash price of $11,000. The installment terms include a down payment of $4,000 and 36 monthly payments of $223.. a) What finance charge will Jack pay? b) What is the APR to the nearest half percent?
Jack Fitzgerald wishes to purchase a used car that has a cash price of $11,000. The installment terms include a down payment of $4,000 and 36 monthly payments of $223.. a) What finance charge will Jack pay? b) What is the APR to the nearest half percent?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Jack Fitzgerald wishes to
purchase a used car that has a
cash price of $11,000. The
installment terms include a down
payment of $4,000 and 36
monthly payments of $223.
a) What finance charge will
Jack pay?
b) What is the APR to the
nearest half percent?
N
The finance charge is $
The APR is %.
Annual Percentage
Rate Table for Monthly
Payment Plans.
(Finance charge
per $100 of
amount financed)
Number 7.50% 8.00% {
of
Payments
36
11.98 12.81
CALA
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