Find the Annual Percentage Rate Using the Table

question 53

Multiple Choice

Find the annual percentage rate using the table.

-A bicycle is purchased for $940 and financed for 12 months. If the total finance charge is $64.39, find the annual percentage rate.

• A) 12.25%
• B) 12.00%
• C) 12.50%
• D) 12.75%

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Definitions:

Unethical Close

A closing technique in sales that relies on manipulative or deceitful practices to secure a sale, often disregarding the best interest of the customer.

Pallets

Flat transport structures that support goods in a stable manner while being lifted by forklifts, pallet jacks, or other jacking devices, key in logistics and storage.

Technology Close

A close in which the seller uses technology to present information.