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You purchase a new motor scooter for $3,350. You put a 10% down payment and $108.08 per month on a 36 month purchase plan. Use the APR formula to determine the annual percentage rate to a tenth of a percent.
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You purchase a new motor scooter for $3,350. You put a 10% down payment and $108.08 per month on a 36 month purchase plan. Use the APR formula to determine the annual percentage rate to a tenth of a percent. a. 17.3% c. 16.6% b. 17.5% d. 16.7%

User Johusman
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Use the formula of the present value of annuity ordinary through GoogleWhat you have here is a loan payment of $108.08 with a present value of $3015 (the $3350 minus the 10% down payment) and a future value of zero with monthly compounding over 36 months
I got
R=0.173906
R=17.3%
good luck
User Cxa
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