Figure 8.2. use this table with the question(s) below, as needed.
monthly payment on a $100 loan
term in
annual percentage rate
months 15.00% 16.00% 17.00% 18.00%
17.40 17.45 17.50 17.55
9.03 9.07
9.12
9.17
6.24 6.29 6.33 6.38
4.85
4.94 4.99
4.02 4.07
4.11
4.16
3.47
3.52 3.57 3.62
3.07 3.12 3.18 3.23
2.78 2.83 2.89 2.94
54
2.56 2.61
2.72
4.90
2.66
2. use figure 8.2. macon steinberg purchased a motor scooter with an installment loan that has an apr of 16
percent. the motor scooter sells for $1,687. the store financing requires a 20 percent down payment and 30
monthly payments. what is the finance charge?
a. $300.98
c. $325.00
b. $298.90
d. $312.13