Miguel purchased a hot tub costing $5,090 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $179.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.
Miguel purchased a hot tub costing $5,090 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $179.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Miguel purchased a hot tub costing $5,090 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $179.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.
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