Mathematics, 01.11.2019 13:31 destineenikole17
Tim worker buys a satellite dish for $329.99. he pays 10% down and takes an installment loan to complete the purchase. he makes 12 payments which include his principal and a $40.00 finance charge. what is the apr on his loan?
tim will pay ($329.99 x 10%) or $ (to the nearest whole number) for his down payment.
he will finance ($329.99 - down payment) or $.
tim will repay finance amount ÷ 12 plus $40.00 ÷ 12 or monthly payment of $.
at the end of one year tim will have paid monthly payments totaling $.
the apr = finance charge for one year ÷ amount financed = % (to the nearest tenth).
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