Use an annual percentage rate table to solve the problem.A homeowner installed new kitchen cabinets and countertops for $5500. He paid 10% down and financed the balance with a 24-month fixed installment loan with an APR of  Determine the total finance charge and monthly payment for the loan.

A. Total finance charge = $652.30; Monthly payment = $256.35
B. Total finance charge = $614.79; Monthly payment = $231.87
C. Total finance charge = $368.78; Monthly payment = $443.23
D. Total finance charge = $368.78; Monthly payment = $221.62


Answer: D

Mathematics

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