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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 82
An Auntie Anne's franchise financed a $68,000 pretzel oven with a 6
% add-on interest installment loan for 48 months. The loan required a 20% down payment.
a. What is the finance charge on the loan?
b. What are the monthly payments?
c. What annual percentage rate is being charged on the loan?
d. If the company decides to pay offthe loan after 22 months, what is the loan payoff?
% add-on interest installment loan for 48 months. The loan required a 20% down payment.a. What is the finance charge on the loan?
b. What are the monthly payments?
c. What annual percentage rate is being charged on the loan?
d. If the company decides to pay offthe loan after 22 months, what is the loan payoff?
Explanation
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The given data is the purchase price is ...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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