Samir purchased a car for $40,000. He made a down payment of $18,000 and paid $694.47 monthly for 3 years. Find the APR from the table below.
Annual Percentage Rate
6.0% 6.5% 7.0% 7.5% 8.0% 8.5%
Number of Payments 36
$9.52 $10.34 $11.16 $11.98 $12.81 $13.64
(Finance charge per $100 of amount financed)
Annual Percentage Rate
9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0%
Number of Payments 36
$14.48 $15.32 $16.16 $17.01 $17.86 $18.71 $19.57
(Finance charge per $100 of amount financed)
A) 7.0% B) 7.5% C) 8.0% D) 8.5%