You Take Out an Installment Loan to Purchase a Sailplane

question 32

Multiple Choice

You take out an installment loan to purchase a sailplane costing $34,100. You make a down payment of $8,600 and finance the balance by making monthly payments of $1,176.72 for 24 months. Use the APR formula to find the APR.

• A) 12.52%
• B) 8.65%
• C) 9.99%
• D) 4.15%

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