Solved: An auntie annes franchise financed a 68000 pretzel oven, Financial Management

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An auntie annes franchise financed a 68000 pretzel oven

An Auntie Anne's franchise financed a $68,000 pretzel oven with a 61% add-on interest installment loan for 48 months. The loan required a 20% down payment.

a. What is the finance charge on the loan?

b. What are the monthly payments?

c. What annual percentage rate is being charged on the loan?

d. If the company decides to pay off the loan after 22 months, what is the loan payoff?

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Financial Management: An auntie annes franchise financed a 68000 pretzel oven

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Financial Management: An auntie annes franchise financed a 68000 pretzel oven

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