A. sunshine purchased a sports car costing $31,200. she made a down payment of $4,700 and financed the balance with an installment loan for 48 months. if the payments are $688.12 each month, use table 13-1 from your text to find the apr.
a. 9.85%
b. 10.75%
c. 11.25%
d. 12.15%
b. commerce bank & trust company offers a business line of credit that has an annual percentage rate of prime plus 4.8%, with a minimum of 11 1/2%. if the prime rate is 6.25%, what is the apr? (round to the nearest hundredth of a percent)