P. Olivia Fast found a timeshare offer entitling her to 3 weeks per year in a Rocky Mountain townhouse. She had the option of paying $7,600 in cash or financing the timeshare with a 2-year installment loan. The loan required a 20% down payment and equal monthly payments of $283.73. What is the finance charge on Olivia's loan? a. b. What is the total deferred payment price of the timeshare contract? Tim Houston purchased a wall unit for $2,400. He made a $700 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan.