Sound Blaster Recording Studio purchased a new digital recording console for $28,600. A down payment of $5,000 was made and the balance financed with monthly payments of $708 for 48 months.
A. What is the finance charge on the loan?
B. Using the APR table, find what annual percentage rate was charged on the equipment loan.
The "table" referenced in the question is the normal manual table used to calculate APR. For some reason, I'm really struggling with this question. Any help you can provide would be greatly appreciated!