You purchase a new motor scooter for $3,350. You put a 10% down payment and $108.08 per month on a 36 month purchase plan. Use the APR formula to determine the annual percentage rate to a tenth of a percent. a. 17.3% c. 16.6% b. 17.5% d. 16.7%
Use the formula of the present value of annuity ordinary through GoogleWhat you have here is a loan payment of $108.08 with a present value of $3015 (the $3350 minus the 10% down payment) and a future value of zero with monthly compounding over 36 months I got R=0.173906 R=17.3% good luck
