Use an Annual Percentage Rate Table to Solve the Problem

question 157

Multiple Choice

Use an annual percentage rate table to solve the problem.

-A cattle rancher needs to construct a new silo in which to store cattle feed. The silo will cost $2000. The rancher pays 15% as a down payment and finances the balance for 60 months at an APR of 7.50%. Determine the rancherʹs total finance charge and monthly payment.

• A) Total finance charge = $368.22; Monthly payment = $34.47
• B) Total finance charge = $343.91; Monthly payment = $34.07
• C) Total finance charge = $273.02; Monthly payment = $32.88
• D) Total finance charge = $404.60 ; Monthly payment = $40.08

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Continuous Process Improvement

An ongoing effort to enhance products, services, or processes by making incremental improvements over time.

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The shared values, beliefs, and practices that characterize an organization and influence its employees' behavior and attitudes.

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A management theory focusing on improving work efficiency through systematic observation, measurement, and restructuring of workflow processes.