Use an Annual Percentage Rate Table to Solve the Problem

question 204

Multiple Choice

Use an annual percentage rate table to solve the problem.
-A homeowner installed new kitchen cabinets and countertops for $5500. He paid 10% down and Financed the balance with a 24-month fixed installment loan with an APR of 7.0%. Determine the Total finance charge and monthly payment for the loan.

• A) Total finance charge = $614.79; Monthly payment = $231.87
• B) Total finance charge = $368.78; Monthly payment = $443.23
• C) Total finance charge = $368.78; Monthly payment = $221.62
• D) Total finance charge = $652.30; Monthly payment = $256.35

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