Meghan's Sailboat Loan Finance Charge and APR

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Meghan Pease bought a sailboat for $8,350 with a down payment of $1,700, financing the $6,650 balance with 36 monthly payments of $232.38. To find the finance charge and annual percentage rate on the loan.

Educação

Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and
financed the balance with monthly payments of $232.38 for 36 months. (a) What is the finance
charge (in $) on the loan? $ (b) Use Table 13-1 to find what annual percentage rate was charged
on Meghan's loan. (Round your answer to two decimal places.) %

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