Multiple Choice
Use an annual percentage rate table to solve the problem.
-A family purchased a new ski boat for $18,500. The loan agency required a 15% down payment And financed the balance for 36 months with an APR of 6.0%. Determine the total finance charge And monthly payment for the loan.
A) Total finance charge = $3418.62; Monthly payment = $531.77
B) Total finance charge = $1625.97; Monthly payment = $481.97
C) Total finance charge = $1497.02; Monthly payment = $478.39
D) Total finance charge = $2989.60; Monthly payment = $596.93
Correct Answer:
Verified
Correct Answer:
Verified
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