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20 May, 20:27

Using the examples above, answer the following questions. Bob Borrower purchased a television for $299.95. He paid 25% down and agreed to pay $21.59 for 12 months.

His 25% down payment was $

So he will finance $

At the end of one year, his monthly payments will total $

To the nearest tenth, his APR will equal=

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Answers (1)
  1. 20 May, 22:48
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    299.95*0.25=74.99

    299.95-74.99=224.96

    21.59*12=259.08

    100 * (259.08 - 224.96) / 224.96 = 15.2%
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