Use an Annual Percentage Rate Table to Solve the Problem

question 52

Multiple Choice

Use an annual percentage rate table to solve the problem.
-A restaurant owner purchased a new dishwasher for $4000. She paid 15% down and financed the Balance with a 12-month fixed installment loan with an APR of 8.5%. Determine the total finance Charge and monthly payment for the loan.

• A) Total finance charge = $261.46; Monthly payment = $305.12
• B) Total finance charge = $167.96 ; Monthly payment = $297.33
• C) Total finance charge = $158.44; Monthly payment = $296.54
• D) Total finance charge = $208.80; Monthly payment = $350.73

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