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

Exercise 54

SkyHigh Aircraft Sales uses the Executive National Bank to finance customer aircraft purchases. This month Executive National is offering 60-month installment loans with an APR of 11.25%. A 15% down payment is required. The president of Vista Industries wants to finance the purchase of a company airplane for $250,000.
a. Use the APR tables to calculate the finance charge.
b. What are the monthly payments on Vista's aircraft loan?