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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 39
Solve the following application problem. Use formula to estimate the APR, and round rates to the nearest tenth of a percent.
PLAYSET Tom and Jane Franklin bought a backyard playset with a trampoline for their grandchildren for $9400. They paid 10% down and financed the balance with 24 monthly payments of $398.24. Find (a) the amount financed,___________ (b) the total installment cost,___________ and (c) the finance charge. ___________ (d) Then estimate the APR.___________
PLAYSET Tom and Jane Franklin bought a backyard playset with a trampoline for their grandchildren for $9400. They paid 10% down and financed the balance with 24 monthly payments of $398.24. 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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