Jack Fitzgerald wishes to purchase a used car that has a cash price of $12,000. The installment terms include a down payment of $3,000 and 48 monthly payments of $224 a) What finance charge will Jack pay? b) What is the APR to the nearest half percent? Annual Percentage Rate Table for Monthly Payment Plans (Finance charge per $100 of amount financed) Number 7.50% 8.00% 8.50% 9.00% 9.50% of Payments 36 11.98 12.81 1364 14.48 15 32 48 16.06 17 18 18 31 19 45 20 59 The finance charge is $ The APR is %