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Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000 for the pond with $2,000 down. The dealer charges add-on-interest of 3.5% per year, and Julio agrees to pay the loan with 36 equal monthly payments. Use this information for Exercise 7-10.

Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000 for the pond with $2,000 down. The dealer charges add-on-interest of 3.5% per year, and Julio agrees to pay the loan with 36 equal monthly payments. Use this information for Exercise 7-10.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help setting up question 9

### Exercise Problems on Financial Calculations #### Problem Statement: Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000 for the pond with $2,000 down. The dealer charges add-on-interest of 3.5% per year, and Julio agrees to pay the loan with 36 equal monthly payments. Use this information for Exercise 7-10. --- #### Exercise 7: **Find the total amount of interest he will pay.** #### Exercise 8: **Find the monthly payment.** #### Exercise 9: **Find the APR value (to the nearest half percent).** --- Please use the above exercises to practice calculating interest on loans, determining monthly payments, and understanding the annual percentage rate (APR).
Transcribed Image Text:### Exercise Problems on Financial Calculations #### Problem Statement: Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000 for the pond with $2,000 down. The dealer charges add-on-interest of 3.5% per year, and Julio agrees to pay the loan with 36 equal monthly payments. Use this information for Exercise 7-10. --- #### Exercise 7: **Find the total amount of interest he will pay.** #### Exercise 8: **Find the monthly payment.** #### Exercise 9: **Find the APR value (to the nearest half percent).** --- Please use the above exercises to practice calculating interest on loans, determining monthly payments, and understanding the annual percentage rate (APR).
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