A Homeowner Installed a New Swimming Pool for $4000

question 248

Multiple Choice

A homeowner installed a new swimming pool for $4000. He paid 8% down and then paid 36 monthly payments of $115.32. Determine the APR of the loan to the nearest one-half of a percent.

• A)8.5%
• B)9.0%
• C)10.0%
• D)8.0%

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Definitions:

Political Analyst

A professional who specializes in analyzing, interpreting, and predicting political trends and events.

Confidence Interval

A range of values, derived from sample data, that is believed to contain the value of an unknown population parameter with a specified level of confidence.

Population Variance

The average of the squared differences between each data point in a population and the mean of the population.

Hypotheses

Statements made for the purpose of testing with statistical analysis, to see if there is enough evidence to support a particular belief or theory.