Yu-Feng Liang bought a used car for $7500. He made a down payment of $1000 and paid off the balance in 48 monthly payments of $187 each. (a) What was the finance charge? $ (b) What was the APR? (Use the True Annual Interest Rate (APR) table.)
Yu-Feng Liang bought a used car for $7500. He made a down payment of $1000 and paid off the balance in 48 monthly payments of $187 each. (a) What was the finance charge? $ (b) What was the APR? (Use the True Annual Interest Rate (APR) table.)
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
Related questions
Question
Yu-Feng Liang bought a used car for $7500. He made a down payment of $1000 and paid off the balance in 48 monthly payments of $187 each.
(a) What was the finance charge?
$
(b) What was the APR? (Use the True Annual Interest Rate (APR) table.)
$
(b) What was the APR? (Use the True Annual Interest Rate (APR) table.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning