At a home show, Purcell's Kitchens was offering home improvement loans for 4 years with annual percentage rates of 14.5%. On complete kitchens, a 20% down payment was required. Susan Kaufman wants to finance a $14,000 kitchen for 4 years.
a.Use the APR Table 13-1 from your text to calculate the finance charge on the loan.b.What would be the amount of the monthly payment? (Round to the nearest cent)
What will be an ideal response?
| a. | $3,625.44 |
| b. | $308.86 |
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