math

posted by .

A newlywed couple bought a washer and dryer for $800. They paid 5% down and then paid 12 monthly payments of $65.41. Determine the APR of the loan to the nearest tenth of a percent.

  • math -

    Po = 800 - 0.05*800 = $760

    P = 65.41/mo. * 12mo. = $784.92

    I = P-Po = 784.92 - 760 = $24.92

    %I = (I/Po)*100% = (24.92/760)*100% =
    3.3 = APR.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Finance

    You have arranged for a loan on your new car that will require the first payment today. The loan is for $32,000, and the monthly payments are $620. Required: If the loan will be paid off over the next 60 months, what is the APR of …
  2. Survey of mathematics

    A homeowner installed a new swimming pool for $8500. He paid 8% down and then paid 36 monthly payments of $243.07. Determine the APR of the loan to the nearest one-half of a percent.
  3. Please help! Urgent

    A homeowner installed a new swimming pool for $8500. He paid 8% down and then paid 36 monthly payments of $243.07. Determine the APR of the loan to the nearest one-half of a percent.
  4. Finance

    11. Loan Payments You wish to buy a $30,000 car. The dealer offers you a 4-year loan with a 6 percent APR. What are the monthly payments?
  5. Math

    Suppose you have student loans totaling $10,500 when you graduate from college. The APR is 9% and the loan term is 10 years. a) What are your monthly payments?
  6. Math

    Suppose you borrowed $25,000 for a car at an APR of 8%, which you are paying off with monthly payments of $510 for 5 years. a) What’s the loan principal?
  7. math

    Consider a student loan of $17,500 at a fixed APR of 9% for 25 years. Calculate the monthly payment, determine the total amount paid over the term of the loan, and of the total amount paid, what percentage is paid towards the principal, …
  8. Personal Finance

    A $5000 loan has a stated rate of 10% but it will be paid off in 12 equal monthly payments. What is the APR on the loan?
  9. APR Problem

    After visiting several automobile dealerships, Richard selects the car he wants. He likes its $11,000 price, but financing through the dealer is no bargain. He has $2,200 cash for a down payment, so he needs an $8,800 loan. In shopping …
  10. Math

    You plan on borrowing $14000 at 16% APR for 5 years. Use Web Loan Calculator to find the monthly payment. Find the total interest paid on this loan for the first 20 months. Set up a spread sheet to answer. Here is an example of what …

More Similar Questions