Question
Tim Houston purchased a wall unit for $2,500. He made a $500 down payment and financed the balance with an installment loan for 60 months.
Tim Houston purchased a wall unit for $2,500. He made a $500 down payment and financed the balance with an installment loan for 60 months. If Tim's payments are $43.5 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan.
Do not enter the percent symbol in your answer. Round your answer to two decimal places.
%
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Probability and Random Processes With Applications to Signal Processing and Communications
Authors: Scott Miller, Donald Childers
2nd edition
123869811, 978-0121726515, 121726517, 978-0130200716, 978-0123869814
