2. find the annual percentage rate, using the annual percentage rate table. amount financed: $8,900 finance charge: $1,030.62 number of payments: 24

Amount Financed: $8,900
Finance Charge: $1,030.62
Number of Payments: 24

(Finance Charge)/(Amount Financed)*100$=($1,030.62)/($8,900)*100$
(Finance Charge)/(Amount Financed)*100$=(0.1158)*100$
(Finance Charge)/(Amount Financed)*100$=$11.58

In the row of number of Payments 24, we look for:
(Finance Charge)/(Amount Financed)*100$=$11.58, and we to which annual porcentage rate it corresponds in the first row

The annual percentage rate is 10.75%

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