Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $179.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent. 8.15 x %

Q: Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment…

A: Given: Hot tub cost = $5,070 Down payment = $1,300 Finance = 24 months Payments each month = $179.77

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A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

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A: Using Excel

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A: Amount of loan = Purchase cost - Down payment = $5,030 - $1300 = $3730

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A: The formula for the calculation of APR is as follows: APR=Fees+InterestPrincipalTime period×12

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Q: Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment…

A: APR (Annual Percentage Return) The rate of interest charged by a creditor on the amount lent or the…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Monthly payments interest rate is calculated by excel function RATE, where the inputs are: pv:…