Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

destroy Stephen purchased a diamond engagement ring for $3,000. His down payment was $500, and he made 24 monthly payments of $115.36. Find the APR

image text in transcribed
destroy Stephen purchased a diamond engagement ring for $3,000. His down payment was $500, and he made 24 monthly payments of $115.36. Find the APR from the table below. Annual Percentage Rate 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% Number of Payments 24 $6.37 $6.91 $7.45 $8.00 $8.54 $9.09 (Finance charge per $100 of amount financed) Annual Percentage Rate 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% Number of Payments 24 $9.64 $10.19 $10.75 $11.30 $11.86 $12.42 $12.98 (Finance charge per $100 of amount financed)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

9781285586618

Students also viewed these Mathematics questions