1) An appliance store offers a refrigerator for $3200 with no down payment, $344.00 in finance
charges and 24 equal payments. Find the annual percentage rate.
A) 12.25%
B) 12.50%
C) 11.75%
D) 10.00%
1)
2) Chilly purchased a boat costing $6000 with $600 down and loan payments of $254 per month for 2)
24 months. Find the total installment cost and the annual percentage rate.
A) $6,164; 11.25%
B) $6,064; 11.25%
C) $6,696; 10.75%
D) $5,464; 10.75%