Question

You purchase a new motor scooter for $3,350. You put a 10% down payment and $108.08 per month on a 36 month purchase plan. Use the APR formula to determine the annual percentage rate to a tenth of a percent.

Answer 1

Explanation:

17.5

Answer 2

Hi there
Use the formula of the present value of annuity ordinary through Google
What you have here is a loan payment of $108.08 with a present value of $3015 (the $3350 minus the 10% down payment) and a future value of zero with monthly compounding over 36 months

I got
R=0.173906
R=17.4%

Good luck!