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.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
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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...
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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.)
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