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

Exercise 26

Sound Blaster Recording Studio purchased a new digital recording console for $28,600. A down payment of $5,000 was made and the balance financed with monthly payments of $708 for 48 months.
a. What is the finance charge on the loan?
b. Use Table 13-1 to find what annual percentage rate was charged on the equipment loan.