Finance charge 1+2+3++ 288 1+2++18 1+2+ +5=-(5 + 1) = 15 and I + 2 + +18--(18+)-171 18 x 15 288 171 171 $25.26 288-171 ! x=288(LS) ple 4.6.3 A homeowner got a S3600 home improvement loan for 2 years from a bank that charges 9% simple discount for such loans. If the loan called for monthly payments and he needed the entire $3600, what was the APR? Again, there are two steps: Figure the loan information and then apply the APR principle. Since the owner needs the whole $3600, this becomes the proceeds, and we must figure the amount of the loan using the amount formula for discount interest. 3000 s -$4390.24 amount of the discount loan 4390.24 = l-dt 1-C09(2) 1-_ (.09)(2) =