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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 60
Solve the following application problem. Use formula to estimate the APR, and round rates to the nearest tenth of a percent.
CANNING MACHINE Aluminum Cans Inc. purchased a new machine to press aluminum into cans and financed $385,000 over 30 months. The finance charge was $54,411. (a) Estimate the APR, __________ then (b) find the exact APR using the table. __________
CANNING MACHINE Aluminum Cans Inc. purchased a new machine to press aluminum into cans and financed $385,000 over 30 months. The finance charge was $54,411. (a) Estimate the APR, __________ then (b) find the exact APR using the table. __________
Explanation
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Verified
We need to find approximate APR.
The f...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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