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First America Banks monthly payment charge on a 48-month, $19,000 loan is $528.26. The U.S. Banks monthly payment fee is $537.70 for the same loan
First America Banks monthly payment charge on a 48-month, $19,000 loan is $528.26. The U.S. Banks monthly payment fee is $537.70 for the same loan amount.
What would be the APR for an auto loan for each of these banks? (Use Table 14.1.)
Note: Round your final answers to the nearest hundredth percent.
First America Bank's monthly payment charge on a 48 -month, $19,000 loan is $528.26. The U.S. Bank's monthly payment fee is $537.70 for the same loan amount. What would be the APR for an auto loan for each of these banks? (Use Table 14.1.) Note: Round your final answers to the nearest hundredth percent. ANNUAL PERCENTAGE RATE \begin{tabular}{c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline NUMBER & & & & & & & & & & & \\ OF \\ PAYMENTS & 10.00% & 10.251% & 10.50% & 10.75% & 11.00% & 11.25% & 11.50% & 11.75% & 12.00% & 12.25% & 12.50% & 12.75% & 13.00% & 13.25% & 13.50 & 13.75% \\ \hline \end{tabular} (FINANCE CHARGE PER $100 OF AMOUNT FINANCED)
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