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.
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
