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Math

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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 - ,

    Which of these questions don't you understand?

  • Math - ,

    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 - ,

    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 - ,

    Is the price 549.95?

  • Math - ,

    Yes.

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