In order to make some home improvements, a home owner spent $24,000. He paid 10% as a down payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5%. Use an annual percentage rate table to determine the home owner's total finance charge and monthly payment. O A. Total finance charge = $1,531.44; Monthly payment = $642.54 O B. Total finance charge = $1,278.72; Monthly payment = $635.52 Oc. Total finance charge = $3,074.40; Monthly payment = $752.07 O D. Total finance charge = $3,710.88; Monthly payment = $703.08

In order to make some home improvements, a home owner spent $24,000. He paid 10% as a down payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5%. Use an annual percentage rate table to determine the home owner's total finance charge and monthly payment. O A. Total finance charge = $1,531.44; Monthly payment = $642.54 O B. Total finance charge = $1,278.72; Monthly payment = $635.52 Oc. Total finance charge = $3,074.40; Monthly payment = $752.07 O D. Total finance charge = $3,710.88; Monthly payment = $703.08

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter1: Equations, Inequalities, And Mathematical Modeling

Section1.3: Modeling With Linear Equations

Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...

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