calkinsdawn calkinsdawn

05-03-2017
Mathematics

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Tim worker buys a satellite dish for 329.99 he pays 10% down and takes installment loan to complete the purchase he makes 12 payments which include his principal and a 40.00 finance charge what is the APR of this loan

Verified Answer :

Anonymous Anonymous

05-03-2017

Hey

the answer is Problem 3(11):

Loan Amount: $15,000
Method of payment: discount basis
Amount of Interest : $650
Term of loan: 1 year

Effective Rate of Interest (to the nearest tenth)

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