Multiple Choice
Use an annual percentage rate table to solve the problem.
-The owner of an automobile repair center purchased new electronic diagnostic equipment for $12,000. He paid 15% down and then paid 60 monthly payments of $192.49. Determine the APR of The loan to the nearest one-half of a percent.
A) 7.5%
B) 9.0%
C) 5.5%
D) 5.0%
Correct Answer:
Verified
Correct Answer:
Verified
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