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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 28
Solve the following application problems. Use the formula on page 505 to estimate the APR, and round rates to the nearest tenth of a percent.
METAL LATHE Benson Fabrication purchased a new precision metal lathe for $74,800. The company made a down payment of 20% and financed the balance using 36 monthly payments of $1916.85. Find (a) the amount financed, (b) the total installment cost, and (c) the finance charge. (d) Then estimate the APR.
METAL LATHE Benson Fabrication purchased a new precision metal lathe for $74,800. The company made a down payment of 20% and financed the balance using 36 monthly payments of $1916.85. Find (a) the amount financed, (b) the total installment cost, and (c) the finance charge. (d) Then estimate the APR.
Explanation
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Since the down payment is of the cash ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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