List two factors you need in order to determine APR.

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List two factors you need in order to determine APR.

For Problems 1–4, refer to the Annual Percentage Rate for Monthly Payment Plans table on pages A8–A9.

Answer Here

Tynetta Mafundo obtained an installment loan of $3,600.00 to buy a sculpture from the local art gallery. The finance charge is $126.18. She agreed to repay the loan in 18 monthly payments. Use the APR formula to determine the annual percentage rate.

Round the answer to the nearest hundredth of a percent.

Round the answer to the nearest hundredth of a percent.

Calculate the APR using a table for the above question.

What is the difference in APR for the calculation by formula and using a table?

Write the main points of the lesson.