What is the amount financed and what is the APR on his loan?
Tim Worker buys a new sofa for $ 629.95. He pays 25% down and takes an installment loan to complete the purchase. He makes 12 payments which include his principal and a $ 60.00 finance charge. What is the amount financed and what is the APR on his loan?
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Answer by spifiman1
Have to have the amount of his payment to answer this.
And why are you asking the amount financed? It's $ 629.95 less 25% or $ 157.48 plus $ 60.00 finance charge for a total of $ 532.47.
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Hong Kong International Finance Center
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