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Annual Percentage Rate, Finance charges

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1. A copier that originally cost $300 was sold on the installment plan as $28 per month for 12 months. Find the installment price if no down payment was made. Find the finance charge.

2. Find the yearly rate of interest on a loan if the monthly rate is 2%.

3. Office equipment was purchased on the installment plan with 12 monthly payments of $11.20 each. If the cash price was $120 and there was no down payment, find the annual percentage rate.

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Solution Summary

The solution computes annual percentage rate (apr), finance charges and yearly interest rate in given examples.

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