Question: Indicate the answer choice that best completes the statement or answers the question. 1. A purchaser obtains a 3-year auto loan at an annual interest

Indicate the answer choice that best completes the statement or answers the question. 1. A purchaser obtains a 3-year auto loan at an annual interest rate of 3.71% compounded monthly. Calculate the monthly car payment if the total car cost is 10,990, including tax and license, and the purchaser makes a 15% down payment. a. $200.96 b. 5170.82 C. 5193.48 d. $2,885.08 _ 2. Suppose you purchase a set of living room furniture for $1,300. You pay 10% down and sign a contract to repay the balance in 12 equal monthly payments. The finance charge on the balance is 7%% simple interest. Estimate the annual percentage rate (APR) to the nearest tenth of a percent. a. 14.0%% b. 21.0%% C. 129% d. 6.5%

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