Use an Annual Percentage Rate Table to Solve the Problem

question 59

Multiple Choice

Use an annual percentage rate table to solve the problem.
-A carpenter spent $6500 to purchase a table saw , a circular saw, and a panel saw. He paid 20% Down and financed the balance with a 30-month fixed installment loan with an APR of 5.0%. Determine the total finance charge and monthly payment for the loan.

• A) Total finance charge = $1062.36; Monthly payment = $208.75
• B) Total finance charge = $377.52; Monthly payment = $185.92
• C) Total finance charge = $342.68; Monthly payment = $184.76
• D) Total finance charge = $1147.90; Monthly payment = $254.93

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Definitions:

Gini Ratio

A scale measuring the degree of income difference among people in a demographic, with 0 symbolizing perfect equity and 1 symbolizing utter inequity.

Greater Inequality

A situation characterized by a wider disparity in income, wealth, opportunities, and other socioeconomic indicators among individuals or groups within a society.

Gini Ratios

Measures of income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).

Income Inequality

The uneven distribution of income within a population, where earnings are not equally distributed among individuals or groups.