amie needs a new roof on her house. The cash cost is ​$3800. She decides to finance the project by paying 8.0​% ​down, with the balance paid in 48 monthly payments of ​$87.

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Jamie needs a new roof on her house. The cash cost is
​$3800.
She decides to finance the project by paying
8.0​%
​down, with the balance paid in
48
monthly payments of
​$87.
 
​a) What finance charge will Jamie​ pay?
​b) What is the APR to the nearest half​ percent?
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