Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman

Exercise 80

Charlie Allen financed a $3,500 Nautilus home gym with an 8% add-on interest installment loan for 24 months. The loan required a 10% down payment.
a. What is the finance charge on the loan?
b. What are Charlie's monthly payments?
c. What annual percentage rate is being charged on the loan?
d. If Charlie decides to pay off the loan after 16 months, what is his loan payoff?