used car that has a cash price of $13,000. The installment terms include a down payment of $4,000 and 48 monthly payments of $222. a) What finance charge will Jack pay? b) What is the APR to the nearest half percent?

used car that has a cash price of $13,000. The installment terms include a down payment of $4,000 and 48 monthly payments of $222. a) What finance charge will Jack pay? b) What is the APR to the nearest half percent?

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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Question

Jack Fitzgerald wishes to purchase a used car that has a cash price of

$13,000.

The installment terms include a down payment of

$4,000

and

monthly payments of

$222.

a) What finance charge will Jack pay?

b) What is the APR to the nearest half percent?

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used car that has a cash price of ​$13,000. The installment terms include a down payment of ​$4,000 and 48 monthly payments of ​$222. ​a) What finance charge will Jack​ pay? ​b) What is the APR to the nearest half​ percent?

used car that has a cash price of $13,000. The installment terms include a down payment of $4,000 and 48 monthly payments of $222. a) What finance charge will Jack pay? b) What is the APR to the nearest half percent?