Solve the Problem and Use the Table to Find the Annual

question 103

Multiple Choice

Solve the problem and use the table to find the annual percentage rate.
-Eric Yu purchased a boat costing $12,900 with $800 down and loan payments of $311 per month for 48 months. Find the total installment cost and the annual percentage rate.

• A)$15,728; 10.75%
• B)$14,928; 10.25%
• C)$14,928; 10.75%
• D)$14,128; 10.25%

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