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AlgebraQ&A LibraryLandon Wallin is an auto mechanic who wishes to start his own business. He will need $4300 to purchase tools andequipment. Landon decides to finance the purchase with a 60-month fixed installment loan with an APR of 4.5%.a) Determine Landon's finance charge.b) Determine Landon's monthly payment.4.1Click the icon to view the partial APR table.a) Landon's finance charge is $(Round to the nearest cent as needed.)b) Landon's monthly payment is $(Round to the nearest cent as needed.)1: Partial APR TableAnnual Percentage RateNumber of4.5%5.0%5.5%6.0%6.5%payments(Finance charge per $100 of amount financed)367.097.908.7110.3413.8317.409.52489.4610.5411.6312.736011.8613.2314.6116.00Question

Asked Nov 14, 2019

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Step 1

Formula used:

Step 2

Given,

The loan amount is,* PV*= $4300

*r* = 4.5% = 0.045

*t *= 60 and *n = *12

First, to find Landon’s monthly payment.

Step 3

On further simpli...

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