Solve the Problem

question 18

Multiple Choice

Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent.
-Doris White decided to get new appliances for her kitchen at a cost of $5900. She puts $700 down and will pay $137.75 per month for 48 months. Find the total installment cost, the finance charge, and the approximate annual percentage rate.

• A)Total: $7312.00
• Finance Charge: $1412.00
• APR: 13.3%
• B)Total: $6912.00
• Finance Charge: $1012.00
• APR: 9.7%
• C)Total: $6612.00
• Finance Charge: $712.00
• APR: 5.9%
• D)Total: $7312.00
• Finance Charge: $2112.00
• APR: 19.9%

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Definitions:

Genocide Prevention

involves measures and actions taken to stop or prevent acts intended to systematically eliminate an ethnic, national, racial, or religious group.