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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