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April 20, 2014

Homework Help: Math

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 ÷ amount financed is %

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