Nick paid off a $15,000 car loan over 3 years with monthly payments of $466.59 each....

Nick paid off a $15,000 car loan over 3 years with monthly payments of $466.59 each. Find the finance charge and the APR.

Expert Solution

Now we have to find the finance charged per $100 of the amount financed.

Now Using the following table we get that APR=10.0%. (We choose the most close value to 11.98 in 6 column)

Note: This table varies from edition to edition please check in your book for APR table.

Please do the comment for any doubt or clarification. Thank You!

orchestra answered 1 year ago

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