Multiple Choice
Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent.
-Jordan wants to buy an electric guitar for $320. The music store offers to let him buy it on credit, paying only $11.14 per month for 33 months. What is the finance charge? What is the approximate annual percentage rate?
A) $58.76, 12.9%
B) $42.76, 10.8%
C) $47.62, 10.5%
D) $36.48, 8.3%
Correct Answer:
Verified
Correct Answer:
Verified
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