Pete Size Read the Following Partial Advertisement: Price $20,999; Down

question 55

Short Answer

Pete Size read the following partial advertisement: Price $20,999; down payment $1,000; cash or trade; $390.85 per month for 60 months. Calculate (A) the total finance charge and (B) the APR.

---

Definitions:

Voucher System

A method of accounting in which a record is kept for each transaction, detailing the necessary approvals and documentation.

Source Documents

Original records that provide evidence of financial transactions, such as receipts, invoices, or bank statements.

Invoice

A document detailing a transaction between a buyer and seller, including the quantities, prices, terms, and conditions of sale.