Justin Chan bought a Scion car for a price of $8,200, putting down $800 and financing the remainder with 60 monthly payments of $179.99. The APR is:

Name: Justin Chan bought a Scion car for a price of $8,200, putting down $800 and financing the remainder with 60 monthly payments of $179.99. The APR is:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The total amount financed is $7,400 ($8,200 - $800). The total payments over 60 months are $10,799.40 ($179.99 x 60). Using the formula for APR, the calculated APR is between 16.00% and 16.25%.

Justin Chan Bought a Scion Car for a Price of $8,200