Posted by sarah on Monday, July 8, 2013 at 3:00pm.
Tim Worker buys a new sofa for $549.95. He pays 20% down and takes an installment loan to complete the purchase. He makes 12 payments which include his principal and a $50.00 finance charge. What is the APR on his loan?
The down payment is $
The amount financed is $
The monthly payment will be $
At the end of one year the monthly payments will total $
The finance charge for one year รท amount financed is %

Math  Ms. Sue, Monday, July 8, 2013 at 3:16pm
Which of these questions don't you understand?

Math  sarah, Monday, July 8, 2013 at 3:19pm
It's all one whole question!
Can you just tell me the steps to solve each one you do not have to tell me the answer! I just need to know how to get the answer so I will know how to do this problem again ..

Math  Ms. Sue, Monday, July 8, 2013 at 3:41pm
What is the APR on his loan?
Divide the price by his total payments. Multiply that by 100.
The down payment is $
Multiply the price by 0.2
The amount financed is $
Subtract the down payment from the price.
The monthly payment will be $
Add $50 to the amount financed. Divide by 12
At the end of one year the monthly payments will total $
Multiply the total payments by 12.

Math  sarah, Monday, July 8, 2013 at 3:52pm
Is the price 549.95?

Math  Ms. Sue, Monday, July 8, 2013 at 4:05pm
Yes.
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