You are borrowing $4,285 to purchase a computer using a 36 month installment plan. Determine the annual percentage rate (APR) and the monthly payment given that the interest charge is $513.26. Round your answer to the nearest whole percent and to the nearest cent.

Question

Mathematics

Gabrielle

23 March, 15:07

You are borrowing $4,285 to purchase a computer using a 36 month installment plan. Determine the annual percentage rate (APR) and the monthly payment given that the interest charge is $513.26. Round your answer to the nearest whole percent and to the nearest cent.

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Shania Branch · Answer 1

The price of the computer is 4 285 dollars which you borrowed for an installment plan.

The amount you borrowed is 4 285 dollars.

Interests = 513.26 dollars for 36 months

=> 36 months / 12 = 3 years

=> 4 285 + 513.26 = 4 798.26 dollars

=> 4 798.26 dollars / 3 years = 1599.42 dollars per year

=> 599.42 dollars / 12 months 133.29 dollars per month