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.

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1. Can you help?

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2. 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.

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3. Po =(1-0.08) * 8500 = \$7820.

P = 243.07/mo. * 36mo. = \$8750.52

P = Po + Po*r*t = 8750.52
7820 + 7820*r*3 = 8750.52
7820 + 23,460r = 8750.52
23,460r = 8750.52-7820 = 930.52
r = 3.97% or 4.0% = APR.

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posted by Henry

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