Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

تمرين 62

Charlie Allen financed a $3,500 Nautilus home gym with an 8% add-on interest instalment loan for 24 months. The loan required a 10% down payment.
a. What is the finance charge on the loan
b. What are Charlie's monthly payments
c. What annual percentage rate is being charged on the loan
d. If Charlie decides to pay off the loan after 16 months, what is his loan Payoff