The Owner of an Automobile Repair Center Purchased New Electronic

question 87

Multiple Choice

The owner of an automobile repair center purchased new electronic diagnostic equipment for $15,000. He paid 10% down and then paid 60 monthly payments of $296.91. Determine the APR of
The loan to the nearest one-half of a percent.

• A)11.5%
• B)10.5%
• C)13.0%
• D)10.0%

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Definitions:

Principles Of European Contract Law

A set of guidelines aimed at harmonizing contract law across European countries to facilitate cross-border trade and cooperation.

Member States

Countries or regions that are part of a larger federation, union, or association and abide by its regulations and benefit from its provisions.

Mailbox Rule

A legal principle stating that an offer is considered accepted once the acceptance is dispatched, not when it is received by the offeror.

Acceptance

In contract law, it refers to the act of agreeing to the terms of an offer, thereby creating a binding contract.