Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Number of Monthly Payment Amount Finance APR Financed Payments Charge $18,400 72 $427.08 $ %

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Calculate the finance charge (in $) and the annual percentage rate for the
installment loan by using the APR formula. (Round dollar amounts to the
nearest cent and percentages to one decimal place.)
Amount
Number of
Finance
Monthly
Payment
APR
Financed
Payments
Charge
$18,400
72
$427.08
%
Transcribed Image Text:Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Amount Number of Finance Monthly Payment APR Financed Payments Charge $18,400 72 $427.08 %
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