question 4

You buy some software for $950. The retailer finances the entire amount for 2 years and says you will be charged 10.5% interest. However, the retailer uses OMonthly payment $47.90 and APR is 19.03% OMonthly payment is $19.03 and APR is 47.90% OMonthly payment is $45.75 and APR is 19.03% OMonthly payment is $45.75 and APR is 17.45%