Question

The cash price for furniture for all rooms of a​ three-bed-room house is $ 3851. The furniture can be financed by paying $ 500 down and $ 86 per month for 48 months.​ However, instead of making the thirty minus sixth payment the borrower decides to pay the remaining balance and terminate the loan for the furniture Table 5 Annual Percentage Rate (APR) for Monthly Payment Loans Number of Monthly Payments (n) Annual Percentage Rate (APR) 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% Finance Charge per $100 of Amount Financed (h) 6 $2.94 $3.08 $3.23 $3.38 $3.53 $3.68 $3.83 12 5.50 5.78 6.06 6.34 6.62 6.90 7.18 18 8.10 8.52 8.93 9.35 9.77 10.19 10.61 36 16.16 17.01 17.86 18.71 19.57 20.43 21.30 48 21.74 22.90 24.06 25.23 26.40 27.58 28.77 60 27.48 28.96 30.45 31.96 33.47 34.99 36.52

Answer 1

Answer:

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