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Suppose a $900 refrigerator is purchased at Sears. The customer puts $150 down and finances the rest with monthly payments of $46.25 for 18 months.

Suppose a $900 refrigerator is purchased at Sears. The customer puts $150 down and finances the rest with monthly payments of $46.25 for 18 months. Find the total installment cost. Find the finance charge. By using the chart on page 470, find the APR on the loan.

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Annual Percentage Rate Table for Monthly Payment Plans Annual Percentage Rate (Finance Charge Per $100 of Amount Financed) Number Number of Payments 10.00% 10.25% 10.50% 10.75% 11.00% 11.25% 11.50 11.75% 12.00% 12.25% 12,50% 12,75% 13,00% 13.258% 13.50% 13,75% Payments 12 5.50 5,645,785.926.066.20 6.346.486.626.766,907,047,187.327.467.60 12 14 6.366.52 6.696.857.0l7.177.347.507.667.827.998.158.318.488.648.81 14 7.60 7,787.978.158.348.538.718.90 9.089.279.469.649.83 10.02 8.10 8.31 8.52 8.73 8.93 9.14 9.35 9.56 9.77 9.98_10.19 I0.40 10.61 10.82 11.03 11.24 1 8 8.98 9. 2 9.449.679.90 10.13 10.37 10.60 10.83 11.06 11.30 11.53 11.76 12.00 12.23 12.46 9.86 10.12 10.37 10.62 10.88 11.13 11.39 11.64 11.90 12.16 12.41 12.67_12.93 13.19 13.44 13.70 10.75 11.02_11.30 11.58 11.86 12.14 12.42 12.70 12.98 13.26 13.54 13.82 14.10 14.38 14.66 14.95 I1.64 11.94 12.24 12 54 12.85 13.15 13.45 13.75 14.06 14.36 14.67 14.97 15.28 15.59 15.89 12.53 12.86 13.18 13.51 13.84 14.16 14.49 14.82 15.15 15.48 15.81 16.14 16.47 16.80 17.13 17.46 13.43 13.78 14.13 14.48 14.83 15.19 15.54 15.89 16.24 16.60 16.95 17.31 17.66 18.02 18.38 18.74 32 1 4.34 14.71 15.09 15.46 15.84 16.21 16.59 16.97 17.35 17.73 18.11 18.49 18.87 19.25 19.63 20.02 3 2 34 15,25 15.65 16.05 16.44 16.85 17,25 17,65 18.05 18.46 18.86 19.27 19.67 20.08 20.49 20.90 21.31 36 1 6.16 16.58 17.0l 17.43 17.86 18.29 18.71 19.14 19.57 20.00 20.43 20.87 21.30 21.73 22.17 22.60 38 1 7.08 17.53 17.98 18.43 18.88 19,33 19,78 20.24 20.69 21.15 21.61 22,07 22.52 22.99 23.45 23.91 40 1 8.00 18.48 18.95 19.43 19.90 20.38 20.86 21.34 21.82 22.30 22.79 23.27 23.76 24.25 24.73 25.22 4 0 42 1 8.93 19.43 19.93 20.43 20.93 21.44 21.94 22.45 22.96 23.47 23.98 24.49 25.00 2551 26.03 26.55 4 2 19.86 20.39 20.91 21.44 21.97 22.50 23.03 23.57 24.10 24.64 25.17 25.71 26.25 26.79 27.33 27.88 20.80 21.35 21.90 22.46 23.0l 23.57 24.13 24.69 25.25 25.81 26.37 26.94 27.51 28.08 28.65 29.22 21.74 22.32 22.90 23.48 24.06 24.64 25 23 25.81 26.40 26.99 27.58 28.18 28.77 29.37 29.97 30.57 50 22.69 23.29 23.89 24.50 25.11 35.72 26.33 26.95 27.56 28.18 28.80 29.42 30.04 30.67 31.29 31.92 **# 46

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