Tim Worker buys a satelite dish for $329.99 He pays 10% down and takes an instalment loan to complete the purchase He makes 12 payments which include his principal and a $40.00 finance charge. What is the APR on his loan?

Tim will pay ($329.99 x 10%) or $ (to the nearest whole number) for his down payment.

He will finance ($329.99 - down payment) or $.

Tim will repay finance amount ÷ 12 plus $40.00 ÷ 12 or monthly payment of $

At the end of one year Tim will have paid monthly payments totaling $.

The APR = finance charge for one year ÷ amount financed = % to the nearest tenth.

Question

Tim Worker buys a satelite dish for $329.99 He pays 10% down and takes an instalment loan to complete the purchase He makes 12 payments which include his principal and a $40.00 finance charge. What is the APR on his loan?

Tim will pay ($329.99 x 10%) or $ (to the nearest whole number) for his down payment.

He will finance ($329.99 - down payment) or $.

Tim will repay finance amount ÷ 12 plus $40.00 ÷ 12 or monthly payment of $

At the end of one year Tim will have paid monthly payments totaling $.

The APR = finance charge for one year ÷ amount financed = % to the nearest tenth.