Solved

Use an Annual Percentage Rate Table to Solve the Problem

Question 186

Multiple Choice

Use an annual percentage rate table to solve the problem.
-A homeowner installed a new swimming pool for $7000. He paid 10% down and then paid 36 Monthly payments of $197.42. Determine the APR of the loan to the nearest one-half of a percent.


A) 8.0%
B) 8.5%
C) 9.0%
D) 10.0%

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q181: Write as a decimal.<br>-70%<br>A) 0.07<br>B) 0.7<br>C) 0.59<br>D)

Q182: Use the compound interest formula to compute

Q183: Use a day counting table to determine

Q184: Use the ordinary annuity formula to determine

Q185: Use the circle graph to answer the

Q187: Solve the problem. Round to the nearest

Q188: Solve the problem.<br>-On the May 3 billing

Q189: Use the compound interest formula to compute

Q190: Solve the problem.<br>-Determine the effective annual yield

Q191: Use the compound interest formula to compute