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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
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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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
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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