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A Survey of Mathematics with Applications | 9th Edition | ISBN: 9780321759665 | Authors: Allen R. Angel, Christine D. Abbott, Dennis C. Runde
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A New Business Landon Wallin is an auto mechanic who

Chapter 11, Problem 11.1.194

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QUESTION:

A New Business Landon Wallin is an auto mechanic who wishes to start his own business. He will need $4500 to purchase tools and equipment. Landon decides to finance the purchase with a 48-month fixed installment loan with an APR of 5.5%. a) Determine Landons finance charge. b) Determine Landons monthly payment.

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QUESTION:

A New Business Landon Wallin is an auto mechanic who wishes to start his own business. He will need $4500 to purchase tools and equipment. Landon decides to finance the purchase with a 48-month fixed installment loan with an APR of 5.5%. a) Determine Landons finance charge. b) Determine Landons monthly payment.

ANSWER:

Problem 11.1.194

A New Business Landon Wallin is an auto mechanic who wishes to start his own business. He will need $4500 to purchase tools and equipment. Landon decides to finance the purchase with a 48-month fixed installment loan with an APR of 5.5%.

a) Determine Landons finance charge.

b) Determine Landons monthly payment.

                                                 Step-by-step solution

Step 1 of 4

Consider the annual percentage rate table for monthly payment plans

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