You are borrowing $1,575 to purchase a washer and dryer using a 36 month installment plan. determine the annual percentage rate (apr) and the monthly payment given that the interest charge is $99.32. round your answer to the nearest whole percent and to the nearest cent. a. 5%; $47.20 c. 4%; $49.42 b. 5%; $50.18 d. 4%; $46.50

Option d - 4%; $46.50                      

Step-by-step explanation:

Given : You are borrowing $1,575 to purchase a washer and dryer using a 36 month installment plan. The interest charge is $99.32.    

To find : The annual percentage rate (APR) and the monthly payment ?

Solution :

The amount borrowed = $1,575

The interest charge = $99.32

Total amount paid in 36 month is 1575+99.32=$1674.32

For monthly payment,

The amount paid in a month =

Monthly payment, M=$46.05

Now, we have to find the APR=x  (let)

Applying monthly payment formula,

Substituting the value,

M=$46.50 , A=$1575 , n=36

We solve the equation using graph,

First we plot the graph of  represent by line in black.

Then, put y=46.50 represent by red line.

Refer the attached figure below.

The intersection of the lines is the solution of x

i.e, x=0.04

In the percentage

The APR is 4%.

Therefore, Option d is correct.

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step-by-step explanation:

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