Toni purchased 3 points, each of which reduced her APR by 0.125%. Each point cost 1% of
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Toni purchased 3 points, each of which reduced her APR by 0.125%. Each point cost 1% of her loan value. Her new APR is 3.2%, and the points cost her $8,100.
a. What was the original APR?
b. What is her principal?
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Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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