Chad purchased a new Toyota 4-runner for $32,500. He put a $5,000 down payment and inanced the remaining amount. The loan on his truck is for 60 months and has a finance charge of $6,000. What is the APR on the loan? (Round to the tenth of a percent) 6.9% 8.0% 0.3% 7.5% Click the answer you think is right.

Chad purchased a new Toyota 4-runner for $32,500. He put a $5,000 down payment and inanced the remaining amount. The loan on his truck is for 60 months and has a finance charge of $6,000. What is the APR on the loan? (Round to the tenth of a percent) 6.9% 8.0% 0.3% 7.5% Click the answer you think is right.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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