APR Question for business finance

timer Asked: Apr 3rd, 2015
account_balance_wallet $5

Question description

Tim Houston purchased a wall unit for $2,400. He made a $700 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan.

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Wow this is really good.... didn't expect it. Sweet!!!!

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