Question
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.)
| Amount Financed | Number of Payments | Monthly Payment | Finance Charge | APR |
|---|---|---|---|---|
| $100,000 | 72 | $2,065.50 | $ | % |
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Analysis For Financial Management
Authors: Robert C. Higgins
10th International Edition
007108648X, 9780071086486
