Question

Using the examples above, answer the following questions. Bob Borrower purchased a television for $299.95. He paid 25% down and agreed to pay $21.59 for 12 months.
His 25% down payment was $
So he will finance $
At the end of one year, his monthly payments will total $
To the nearest tenth, his APR will equal=

Answer 1

299.95×0.25=74.99
299.95−74.99=224.96
21.59×12=259.08
100*(259.08 - 224.96)/224.96 = 15.2%