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18 June, 03:15

2.

Find the annual percentage rate, using the annual percentage rate table.

Amount Financed: $8,900

Finance Charge: $1,030.62

Number of Payments: 24

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  1. 18 June, 06:26
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    Amount Financed: $8,900

    Finance Charge: $1,030.62

    Number of Payments: 24

    (Finance Charge) / (Amount Financed) * 100$ = ($1,030.62) / ($8,900) * 100$

    (Finance Charge) / (Amount Financed) * 100$ = (0.1158) * 100$

    (Finance Charge) / (Amount Financed) * 100$=$11.58

    In the row of number of Payments 24, we look for:

    (Finance Charge) / (Amount Financed) * 100$=$11.58, and we to which annual porcentage rate it corresponds in the first row

    Answer: The annual percentage rate is 10.75%
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