Contemporary Mathematics for Business & Consumers - With LMS CengageNOW
8th Edition
ISBN: 9781337125468
Author: Brechner
Publisher: Cengage
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Chapter 13.II, Problem 55RE
Charlie Allen financed a $3,500 Nautilus home gym with an 8% add-on interest installment loan for 24 months. The loan required a 10% down payment.
a. What is the finance charge on the loan?
b. What are Charlie’s monthly payments?
c. What annual percentage rate is being charged on the loan?
d. If Charlie decides to pay off the loan after 16 months, what is his loan payoff?
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Chapter 13 Solutions
Contemporary Mathematics for Business & Consumers - With LMS CengageNOW
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