Landon Wallin is an auto mechanic who wishes to start his own business. He will need $3900 to purchase tools and equipment. Landon decides to finance the purchase with a 36-monthfixed installment loan with an APR of 4.5​%. a) Determine​ Landon's finance charge. ​b) Determine​ Landon's monthly payment.

Question

Landon Wallin is an auto mechanic who wishes to start his own business. He will need $3900 to purchase tools and equipment. Landon decides to finance the purchase with a 36-monthfixed installment loan with an APR of 4.5​%.

a) Determine​ Landon's finance charge.
​b) Determine​ Landon's monthly payment.

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