Jamie needs a new roof on her house. The cash cost is ​$6000. She decides to finance the project by paying 7.0​% ​down, with the balance paid in 36 monthly payments of ​$175. ​a) What finance charge will Jamie​ pay? ​b) What is the APR to the nearest half​ percent?

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section3.2: Solve Percent Applications
Problem 3.42TI: Hang borrowed $7,500 from her parents to pay her tuition. In 5 years, she paid them $1,500 interest...
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Jamie needs a new roof on her house. The cash cost is ​$6000. She decides to finance the project by paying 7.0​% ​down, with the balance paid in 36 monthly payments of ​$175.
​a) What finance charge will Jamie​ pay?
​b) What is the APR to the nearest half​ percent?
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