Use an Annual Percentage Rate Table to Solve the Problem

question 95

Multiple Choice

Use an annual percentage rate table to solve the problem.
-A newlywed couple bought a washer and dryer for $800. They paid 10% down and then paid 12 Monthly payments of $61.97. Determine the APR of the loan to the nearest one-half of a percent.

• A) 6.0%
• B) 7.5%
• C) 5.5%
• D) 8.0%

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Definitions:

Family Background

The social, economic, and educational characteristics and environments of one's parents or family of origin.

Genetic Factors

Elements within an organism's genetic makeup that influence traits, behaviors, and their susceptibility to diseases.

Bulimia Nervosa

An eating disorder characterized by episodes of binge eating followed by compensatory behaviors such as self-induced vomiting, aimed at preventing weight gain.

Bingeing And Purging

a cycle of overeating followed by induced vomiting or use of laxatives to prevent weight gain, characteristic of bulimia nervosa.