Use an Annual Percentage Rate Table to Solve the Problem

question 10

Multiple Choice

Use an annual percentage rate table to solve the problem.
-A family purchased a new ski boat for $18,500. The loan agency required a 15% down payment And financed the balance for 36 months with an APR of 6.0%. Determine the total finance charge And monthly payment for the loan.

• A) Total finance charge = $3418.62; Monthly payment = $531.77
• B) Total finance charge = $1625.97; Monthly payment = $481.97
• C) Total finance charge = $1497.02; Monthly payment = $478.39
• D) Total finance charge = $2989.60; Monthly payment = $596.93

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Definitions:

Social Groups

Collections of people who interact with each other and share similar characteristics and a sense of unity.

Dominant Group

The social group in a society that holds the most power and is often in the majority, or holds sway over resources and institutions.

Gender Binary

The Gender Binary is the classification of gender into two distinct, opposite, and disconnected forms of masculine and feminine.

Social Institutions

Established systems and structures within society that govern the behavior and expectations of individuals.