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

Exercise 36

Sky High Aircraft Sales uses the Executive National Bank to finance customer aircraft purchase. This month Executive National is offering 60-month installment loans with an APR of 11.25% A 15% down payment is required. The president of Vista Industries wants to finance the pi chase of a company airplane for $250,000.
a. Use the APR tables to calculate the finance charge.
b. What are the monthly payments on Vista's aircraft loan