Bill Moore bought a stereo selling for $5,800, putting down $1,200. The payment schedule was for 48 monthly payments of $117.50. What is the APR by table lookup?

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11eb6926_6e93_1aa8_bb3a_cfd828cea65c_TB8249_11 11eb6926_6e93_1aa9_bb3a_255ca5a514f7_TB8249_11 Amount Financed = $5,800 - $1,200 = $4,600; Finance Charge = $117.50 × 48 - $4,600 = $1,040; $1,040/$4,600 = $.22608 × 100 = $22.609 (10.25% to 10.5%).

Bill Moore Bought a Stereo Selling for $5,800, Putting Down