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28 October, 19:34

Tim Worker buys a satellite dish for $329.99. He pays 10% down and takes an installment loan to complete the purchase. He makes 12 payments which include his principal and a $40.00 finance charge. What is the APR on his loan? Tim will pay ($329.99 x 10%) or $ (to the nearest whole number) for his down payment. He will finance ($329.99 - down payment) or $. Tim will repay finance amount : 12 plus $40.00 : 12 or monthly payment of $. At the end of one year Tim will have paid monthly payments totaling $. The APR = finance charge for one year : amount financed = % (to the nearest tenth).

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  1. 28 October, 19:42
    0
    Down payment

    329.99*0.1=33

    amount financed

    329.99-33

    =296.99

    monthly payment

    (296.99:12) + (40:12)

    =28.08

    Total monthly payments

    28.08*12

    =336.96

    APR

    ((336.96-296.99) : 296.99) * 100

    =13.46%
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