Use an Annual Percentage Rate Table to Solve the Problem

question 193

Multiple Choice

Use an annual percentage rate table to solve the problem.

-In order to make some home improvements, a home owner spent $20,000. He paid 15% as a down Payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5%. Determine the home ownerʹs total finance charge and monthly payment.

• A) Total finance charge = $1006.40; Monthly payment = $500.18
• B) Total finance charge = $1205.30; Monthly payment = $505.70
• C) Total finance charge = $2562.00; Monthly payment = $626.72
• D) Total finance charge = $2920.60; Monthly payment = $553.35

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Definitions:

Psychiatric Diagnosis

The identification of mental disorders based on symptom patterns, often used to guide treatment and management.

Diagnostic and Statistical Manual

The standard classification of mental disorders used by mental health professionals in the U.S., providing clear descriptions of diagnostic categories.

Psychological Disorders

Mental health conditions characterized by disturbances in thought, emotion, or behavior that cause significant distress or impairment.

DSM-IV

Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition, a manual published by the American Psychiatric Association that outlines mental disorders' diagnostic criteria.