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29) Use an annual percentage rate table to solve the problem. 29) A cattle rancher needs to construct a new silo in which to store
29) Use an annual percentage rate table to solve the problem. 29) A cattle rancher needs to construct a new silo in which to store cattle feed. The silo will cost $5000. The rancher pays 10% as a down payment and finances the balance for 60 months at an APR of 7.50%. Determine the rancher's total finance charge and monthly payment. A) Total finance charge = $974.70; Monthly payment = $91.25 B) Total finance charge = $722.70; Monthly payment = $87.05 C) Total finance charge = $1011.50 ; Monthly payment = $100.19 D) Total finance charge = $910.35; Monthly payment = $90.17 30) Solve the problem. Use an annual percentage rate table if necessary. 30) Enrique has a 60-month fixed installment loan, with a monthly payment of $50.69. The amount he borrowed was $2500. Instead of making his 36th payment, Enrique is paying the remaining balance on the loan. How much interest will Enrique save (use the actuarial method)? A) $95.72 B) $103.90 C) $91.73 D) $96.86
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